Big Law
Iraq Put in a Formal Request to Purchase a $350 Million Exxon Oilfield Share
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.
