Saturday, September 20, 2014


Russia

Russia's LUKoil Declines To Buy ExxonMobil Share In Iraqi Oil Field

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The head of LUKoil Overseas has appeared on the Rossiya 24 television channel and said his company has turned down an offer to purchase ExxonMobil's share in Iraq's West Qurna-1 oil field.

Andrei Kuzyaev said the West Kurna-1 project was a large-scale endeavor and LUKoil Overseas chooses to concentrate its efforts in Iraq on the West Qurna-2 field where the Russian company has a 75-percent stake.

ExxonMobil offered its 60-percent stake in the $50-billion West Qurna-1 project to LUKoil in November.

West Qurna-1 is estimated to hold some 9 billion barrels of oil.

China National Petroleum Corporation has been expressing great interest in purchasing the U.S. company's shares in the West Qurna-1 project.

Iraqi officials have indicated they favor the Chinese company's participation.

Based on reporting by Rossiya 24 TV and ITAR-TASS

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