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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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