Exxon selling Iraqi oilfield stakes to Petro China, Pertamina: Iraq minister

NEW DELHI Fri Aug 23, 2013 5:07am EDT

The Exxon corporate logo is pictured at a gas station in Arlington, Virginia January 31, 2012. REUTERS/Jason Reed

The Exxon corporate logo is pictured at a gas station in Arlington, Virginia January 31, 2012.

Credit: Reuters/Jason Reed

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NEW DELHI (Reuters) - Exxon Mobil (XOM.N) is selling stakes it controls in Iraq's West Qurna-1 oilfield to China's Petro China (0857.HK) and Indonesia's Pertamina PERTM.UL, 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.

(Reporting by Nidhi Verma and Anurag Kotoky; Writing by Jo Winterbottom; Editing by Devidutta Tripathy)

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