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Page added on August 24, 2013

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Exxon Selling Iraqi Oilfield Stakes To PetroChina

Business

Exxon Mobil is selling stakes it controls in Iraq’s West Qurna-1 oilfield to China’s PetroChina and Indonesia’s Pertamina, the country’s oil minister confirmed on Friday.

“25 percent to Petro China and 10 percent to Pertamina,” Abdul Kareem Luaibi told Reuters on the sidelines of a ministerial meeting here.

He added that the deal would be done “maybe after two to three weeks”.

Exxon Mobil has a 60 percent stake currently in the giant oilfield and is the operator.

Company and industry sources said on Thursday that China and Indonesia were set to join Exxon Mobil’s $50 billion project to develop the field.

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One Comment on "Exxon Selling Iraqi Oilfield Stakes To PetroChina"

  1. dave thompson on Sat, 24th Aug 2013 1:17 pm 

    This looks like a good way to keep those China petrodollars viable.

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