Iraq cancels giant oil deal with Exxon Mobil


Release date:: 2019/8/9 12:11

Iraq is close to a deal with international oil companies BP and Italy’s Eni on an export pipeline project originally planned to be part of a huge deal with a company, five Iraqi officials said. American oil giant Exxon Mobil.

The sources, who asked not to be named because the discussions were not made public, told Reuters that under a proposed $ 400 million deal, BP and Italy’s Eni would manage a plan to build two offshore pipelines to export oil from southern Iraq through the Gulf.

Officials said the pipeline work was planned to be part of a larger $ 53 billion project that Exxon appeared to be gearing up for earlier this year, but an agreement with Baghdad was halted by contractual disputes and security concerns.

The 30-year-old giant is at the heart of Exxon’s plans to expand into Iraq, OPEC’s second-largest producer, and the fragmentation of plans from the deal could have a negative impact on the company’s ambitions.

BP and ENI talks with Baghdad follow Iraqi officials in June announcing Hyundai Engineering and Construction of South Korea to build a $ 2.4 billion seawater injection facility, another part of the deal that was under discussion with Exxon.

Exxon Mobil and Eni declined to comment, while BP has yet to comment

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