Exxon Mobil has officially informed Iraq's government it wants to pull out of a $50 billion oil project, telling Baghdad in a letter it has started talks with other oil companies to sell its stake, senior Iraqi officials said.Exxon's decision to quit the West Qurna-1 oilfield will exacerbate tensions between Baghdad and the autonomous Iraqi Kurdistan region, where Exxon has signed oil deals seen as more lucrative but dismissed by the central government as illegal.Kurdistan has upset Baghdad by signing deals with foreign companies including Exxon, Chevron and Total. Kurdish officials say that right is enshrined in the constitution.But Baghdad says only the central government can control oil policy.
Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM remained unchanged at $91.61. In the past year, the shares have traded as low as $73.90 and as high as $93.67. On average, 11758200 shares of XOM exchange hands on a given day and today's volume is recorded at 740.
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