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Iraq is considering buying ExxonMobil’s stake in the southern West Qurna 1 oilfield through the state-owned Basra Oil Company, the country’s oil minister said on Monday. The oil ministry is discussing BOC “taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon,” Ihsan Abdul Jabbar told a .
There are three key reasons why the development of a world-class petrochemicals (petchems) sector is vital to Iraq’s future.
First, its heavy reliance on crude oil exports makes it extremely financially vulnerable both to downturns in the oil price and to the political whims of its fellow OPEC members, especially Saudi Arabia. Second, plain crude oil exports, particularly in the depressed pricing environment that is likely to endure for some time, do not provide the much higher export value that petchems do. Third, Iraq has the natural resources of both oil and gas that can make it a world leader in the petchems sector.
Tuesday, 4 May, 2021 - 05:15
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China June 11, 2019. (Reuters) Asharq Al-Awsat
Iraq is considering buying ExxonMobil s stake in the southern West Qurna 1 oilfield through state-owned Basra Oil Co (BOC), the country s oil minister said on Monday.
The oil ministry is discussing BOC taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon, Ihsan Abdul Jabbar told a news conference, referring to the huge Majnoon oilfield in Iraq s south.
Iraq said last month that ExxonMobil was seeking to sell its 32.7% stake in the West Qurna 1 field, and that the oil ministry had started discussions with US oil companies over a possible purchase.