PetroChina has bought a 25 percent stake in the West Qurna-1 oilfield project from Exxon Mobil, strengthening China's hold on Iraq's energy resources.China is already the top foreign player in Iraq's oilfields, which are the largest in the Middle East open to foreign investment.Iraq said in August that Exxon Mobil was selling more than half of its 60 percent holding in the field - with Indonesia's Pertamina taking 10 percent.The 25 percent stake in the Technical Service Contract (TSC) for the vast oilfield gives "a larger and stronger presence in the upstream operations in the Middle East," Petrochina, part of state-owned China National Petroleum Corp (CNPC), said in a statement.
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, 12483300 shares of XOM exchange hands on a given day and today's volume is recorded at 8828125.
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