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"ExxonMobil" is close to leaving Iraq.. Learn about the details of the upcoming deal
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Economy News - Baghdad
ExxonMobil is close to exiting the West Qurna 1 field.
And the "Iraq Oil" website stated in a report translated by "Al-Iqtisad News", that the company "is negotiating a two-part deal to sell its 32.7% stake in the West Qurna 1 oil field to the Malaysian Pertamina Company and the Basra Oil Company owned by the Iraqi state."
The sale, if it takes place, according to the site, will lead to “resolving the dispute that Exxon Mobil presented to international arbitration. On the other hand, it will strengthen China’s foothold in the Iraqi oil sector, as the Chinese PetroChina Company, which currently owns a non-operating share of 32.7 percent, will take over. % in the project, the role of the operator.
According to the site, two Iraqi officials in the oil sector confirmed the outlines of this proposed deal, "whereby Pertamina will obtain an additional 10% stake in the project, raising its total stake to 20%, while the Basra Oil Company will buy the remaining 22.7% stake from ExxonMobil." .
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Added 2023/02/10 - 2:03 PM
Updated 02/10/2023 - 2:26 PM
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Economy News - Baghdad
ExxonMobil is close to exiting the West Qurna 1 field.
And the "Iraq Oil" website stated in a report translated by "Al-Iqtisad News", that the company "is negotiating a two-part deal to sell its 32.7% stake in the West Qurna 1 oil field to the Malaysian Pertamina Company and the Basra Oil Company owned by the Iraqi state."
The sale, if it takes place, according to the site, will lead to “resolving the dispute that Exxon Mobil presented to international arbitration. On the other hand, it will strengthen China’s foothold in the Iraqi oil sector, as the Chinese PetroChina Company, which currently owns a non-operating share of 32.7 percent, will take over. % in the project, the role of the operator.
According to the site, two Iraqi officials in the oil sector confirmed the outlines of this proposed deal, "whereby Pertamina will obtain an additional 10% stake in the project, raising its total stake to 20%, while the Basra Oil Company will buy the remaining 22.7% stake from ExxonMobil." .
Views 224
Added 2023/02/10 - 2:03 PM
Updated 02/10/2023 - 2:26 PM
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