The troubled Kashagan oil development has named an executive from U.S. firm Exxon Mobil to run the venture while also streamlining its complicated structure in an attempt to fix the beleaguered $50 billion project offshore Kazakhstan.The group said on Friday Stephane de Mahieu, an Exxon secondee, had become managing director as of May 1, 2014.However, it denied a report in industry publication Nefte Compass that Exxon would take over as operator of Kashagan saying that instead all seven oil firms involved will be effectively operators through a rejigged venture."The appointment of an ExxonMobil secondee to managing director does not mean that Exxon is taking over the operatorship of North Caspian Sea Production Sharing Agreement," a spokesman for the venture Hans Wenck said.
Exxon Mobil Corporation 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 0.91% or $0.92/share to $101.47. In the past year, the shares have traded as low as $84.79 and as high as $103.45. On average, 10293500 shares of XOM exchange hands on a given day and today's volume is recorded at 3291961.
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