U.S. oil major Exxon Mobil will hand over a 25 percent stake in Iraq's West Qurna-1 oilfield project to China's biggest energy company PetroChina on Thursday, Iraq's deputy prime minister for energy said. Iraq said in August that Exxon was selling more than half of its 60 percent holding in the field. Along with the stake going to PetroChina, 10 percent is expected to be sold to Indonesia's Pertamina, according to Iraq.A statement from Hussain al-Shahristani's office said he had met with PetroChina's Iraq chief, Wang Shali, on Wednesday and that Thursday "will witness the signing of the final agreement between her company and Exxon Mobil", giving the Chinese company a 25 percent stake in the field.The statement did not mention Pertamina.Exxon is the operator of the giant oilfield and last year offered to sell its entire stake after a dispute with Baghdad over contracts it signed with Iraq's autonomous Kurdistan region - deals the central government rejects as illegal.
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 fell by 0.5% or $-0.47/share to $93.80. In the past year, the shares have traded as low as $84.70 and as high as $96.00. On average, 12562200 shares of XOM exchange hands on a given day and today's volume is recorded at 8828125.
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