Economist: American Exxon Mobil sells its stake and leaves Iraq!

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Economist: American Exxon Mobil sells its stake and leaves Iraq!

Economist Nabil Al-Marsoumi announced on Monday that ExxonMobil sold its 22.7% stake in the West Qurna 1 oil field to Basra Oil Company.

According to a publication followed by “Jarida,” Al-Marsoumi has stated that ExxonMobil has sold its 22.7% stake in the West Qurna/1 oil field to Basra Oil Company. This field has proven reserves of 20 billion barrels and produces about 500 thousand barrels per day, accounting for 9% of Iraq’s oil production. In exchange for its share, Iraq will pay $350 million to the American company.

According to him, there is a disagreement between Iraq and ExxonMobil regarding the amount of taxes paid. While Iraq demands that the American company pay $120 million, ExxonMobil agreed to pay only $12 million. It is still unknown whether the parties have come to an agreement or if the issue will be referred to international arbitration.