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FINANCIAL NEWS
Iraq says Exxon may keep its oil deals with Kurds
13 Apr 2012
(MENAFN) Iraqi Deputy Prime Minister for Energy, Hussain al-Shahristani, said that Exxon Mobil may keep its oil contracts with Iraq’s Kurdish region in case Baghdad approved these contracts, reported Arab News.
Al-Shahristani added that the US firm assured the federal government that at the current time it would halt works in Kurdistan until Baghdad and the autonomous northern territory resolve their issues.
He also said that the company’s contract with the Kurds permits it to explore in 6 patches in northern Iraq, including land claimed by both the Kurds and Arabs in Ninevah province, in addition to 3 oil exploration blocks in disputed territory, however, these three deals are not up for negotiations.
It is worth noting that Iraq demands any contracts inked with international oil firms to be approved by the federal government, and considers any contracts inked unilaterally with the Kurds illegal.
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