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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq’s rejection of a Chinese offer to buy Exxon Mobil’s stake “raises controversy” .. Will Iraq buy

    Rocky
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    Iraq’s rejection of a Chinese offer to buy Exxon Mobil’s stake “raises controversy” .. Will Iraq buy Empty Iraq’s rejection of a Chinese offer to buy Exxon Mobil’s stake “raises controversy” .. Will Iraq buy

    Post by Rocky Thu 22 Apr 2021, 8:25 am


    [size=30]Iraq’s rejection of a Chinese offer to buy Exxon Mobil’s stake “raises controversy” .. Will Iraq buy the stake instead of foreign companies?

    2021-04-22
    [/size]
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    Yes Iraq: Baghdad

    The Basra Oil Company announced that Iraq’s intention to buy the share of the American Exxon Mobil Company in the West Qurna field will have significant positive returns for Iraq, similar to the purchase of the share of one of the companies contracting with Eni in the Zubair oil field three years ago, which had a great positive return.
    The general manager of the company, Khaled Hamza Abbas, said in press statements that discussions are continuing in the ministry about the possibility of buying Exxon Mobil’s share in full or half, according to what the ministry decides, and he did not specify whether Basra Oil will buy the share or one of the other oil companies and the matter is under discussion, indicating that The share is 32.7.
    He added that there is a difference between withdrawing to oil companies or asking them to sell a certain share for them in a certain field, and this matter in its two parts is subject to discussion between the companies concerned and the Ministry of Oil, and that all matters can be accomplished on the ground. West Qurna-1 oil field by the end of June, even after the American Chevron Corp., its major competitor, rejected initiatives to buy the stake.
    Hamzah said that the state company that oversees crude production in the region, that it may open talks with more companies after Exxon submitted a request to sell its 32.7% stake in January, adding that the Basra Oil Company had no objection to a Chinese company buying the stake.
    He added, "We were hoping that Chevron would buy Exxon's share and be the alternative, but it seems that they did not have the desire to be so." Basra Oil is Exxon's share, or it may be bought by any of the oil ministry companies.
    Has Iraq rejected a Chinese offer ... and why?
    And foreign reports said that Iraq had rejected a request made by a Chinese company to buy Exxon Mobil’s 32.7% stake in the field.
    And "ExxonMobil" shares work in the West Qurna field with the Chinese companies "PetroChina", "Pertamina" the Indonesian and "Itochu" of Japan, and demanded a delay for two months, before agreeing to any offer submitted by other Chinese companies.
    The refusal is related to the desire for the alternative to the American company, Western or American companies, so as not to limit dealing with Chinese and Russian companies in the field.
    The desire of the American company to withdraw from work in Iraq comes to the Corona pandemic, the decline in oil demand in the world, and Iraq's request to reduce production in the field, which is definitely reflected negatively on the company's production and investment plans, as well as the economic and political situation in Iraq, And the repeated targeting of the company's interests. The American company believes that “Iraq has become an environment that is not conducive to work at the present time.” ExxonMobil shares work in the West Qurna / 1 field with the Chinese companies, PetroChina, Indonesian Pertamina and Itochu. Japanese, and Exxon Mobil’s stake in West Qurna is estimated at $ 500 million.
    West Qurna field is one of the giant fields in which the proven reserves reach 8.7 billion barrels and it was producing at the end of 2018 about 457 thousand barrels per day.
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