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Economy

xchrom

(108,903 posts)

8. Exclusive: PetroChina to join Exxon on giant Iraqi oilfield - source

Reply to Tansy_Gold (Original post)

Fri Aug 9, 2013, 07:56 AM

Aug 2013

http://uk.reuters.com/article/2013/08/09/uk-petrochina-iraq-idUKBRE9780D420130809

(Reuters) - China's biggest energy firm PetroChina (0857.HK) will join Exxon Mobil (XOM.N) in developing Iraq's giant West Qurna oilfield and is in talks with Lukoil (LKOH.MM) to buy into a second project at the field, industry sources said on Friday.

China is already the top foreign player in Iraq's southern oilfields and a deal at West Qurna would boost its dominance and could make PetroChina the biggest single foreign investor.

PetroChina partners BP (BP.L) at Rumaila, Iraq's biggest oilfield, and operates the Halfaya field. The company was the first foreign firm to sign an oil service deal in Iraq after U.S.-led forces toppled former president Saddam Hussein.

"PetroChina will participate in developing the field," an industry source with direct knowledge of the deal with Exxon said.

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