FINANCIAL NEWS

PetroChina may join Exxon Mobil in Iraq project

05 Mar 2013

(MENAFN) PetroChina is willing to join hands with Exxon Mobil to develop the West Qurna oilfield in Iraq, Reuters reported.

This was announced by PetroChina chairman Jiang Jiemin on the sidelines of the annual parliamentary session in Beijing.

Jiang said his company would “thoroughly evaluate the project” and make an investment decision at an “appropriate” time.

PetroChina, the first foreign oil company to sign an oil service deal in Iraq after the toppling of its former president Saddam Hussein, is investing in several giant oil projects such as Halfaya and Rumaila.

Exxon was expected to pull out of the USD50 billion West Qurna 1 oilfield located in southern Iraq after it signed for six blocs with Iraq’s Kurdistan local government.

Baghdad was trying to woo back Exxon to stay on the project, putting the US energy giant in a dilemma.

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