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Exxon selling Iraqi oilfield stakes to Petro China, Pertamina: Iraq minister
August 23, 2013 / 9:11 AM / 4 years ago

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

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.

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

“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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