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Tuesday, March 5, 2013

China willing to join Exxon at giant Iraq oilfield, (NYSE: XOM)

China is willing to join Exxon Mobil in a giant Iraqi oilfield project, a top executive said on Tuesday, which could see Beijing come to dominate Iraq's oilfields and help the U.S. major mend fences with Baghdad.Last year, Exxon offered to sell its stake in the southern Iraq West Qurna-1 oilfield after fighting with Baghdad over contracts it has signed with autonomous Kurdistan in the north, deals the central government rejects as illegal.By the end of December, the China National Petroleum Corp (CNPC) had emerged as the frontrunner to take over Exxon's 60 percent share.But now Iraqi Prime Minister Nuri al-Maliki is working to keep the U.S. oil giant on side, industry sources say, offering much sweeter terms at West Qurna-1 - a $50 billion investment project and a greater potential prize than the Kurdish blocks if Baghdad structures the contract closer to the more lucrative Kurdish model.

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 traded higher by 1.17% or $1.04/share to $89.99. In the past year, the shares have traded as low as $77.13 and as high as $93.67. On average, 13008300 shares of XOM exchange hands on a given day and today's volume is recorded at 2169297.