On Thursday November 28, 2013 Chinese Petrochina will sign an agreement with the US Exxon Mobil Corp to buy 25% share in the Iraqi field Western Kurna-1, Bloomberg quoted Iraqi Vice Premier Hussain al-Shahristani.
Exxon Mobil holds 60% share in the field. Other shareholders include Royal Dutch Shell with 15% and Oil Exploration Company of Iraq with 25%. The resources of Western Kurna-1 are estimated at 8.7 billion barrels of oil. According to Exxon Mobil’s estimates, by the end of 2013 the volume of production on Western Kurna-1 will reach 600,000 barrels of oil a day.
ExxonMobil earlier offered Russian LUKoil to buy its share in Western Kurna-1, but at the end of December LUKoil refused of the proposal. LUKoil has been already working on the Western Kurna-2 field in Iraq.
Shahristani earlier reported that Iraq with the fifth biggest oil resources extracts 3.3 million barrels of oil a day. In August 2013 the country exported 2.58 million barrels a day. In the coming three years Iraq plans to increase daily volume or production up to 5 million barrels.—0—
Economics
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President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
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Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
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Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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