Exclusive: Iraq formally asks to buy $350 million Exxon oilfield share [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Exclusive: Iraq formally asks to buy $350 million Exxon oilfield share By Aref Mohammed 3 Min Read BASRA, Iraq (Reuters) - Iraq has formally asked to buy U.S. energy giant ExxonMobil’s share in one of Iraq’s biggest oilfields, West Qurna 1, the head of the state-run oil operating company said on Monday. Iraq said last month that Exxon was seeking to sell its 32.7% stake in West Qurna 1, and that the oil ministry had started discussions over a possible purchase. “A decision has been made and we sent a formal letter to ExxonMobil asking to buy its share,” Basra Oil Company director Khalid Hamza told Reuters in an interview, adding the oil and finance ministries will follow up with procedures to secure the finance. He said Exxon was seeking to sell the share for $350 million. The formal request to buy the share has not been previously reported. Its sale marks a shift for Exxon, which in 2019 had looked poised to move ahead here with a $53 billion project to boost Iraq's oil output. Hamz
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