World Bulletin / News Desk
Exxon Mobil has asked Iraq's prime minister if it can keep running a huge southern oilfield despite disagreements over rival contracts signed with the country's autonomous Kurdistan region, the government said on Monday.
The face-to-face talks between Shi'ite premier Nuri al-Maliki and Exxon's top executive in Baghdad come as the U.S. major offers to sell its stake in the West Qurna-1 oilfield in the south after clashing with Baghdad over its deals with the self-ruled Kurdish enclave in the north.
Iraq has been clear it considers deals oil companies like Exxon sign with the Kurdish enclave illegal. But the meeting may suggest Exxon is testing its room to balance investments with OPEC-member's central government and those with the self-governed Kurdistan region.
"Exxon Mobil asked to meet with the prime minister to know his opinion on the company's contracts in the south and in the northern region and if there was a possibility to keep working on both contracts," Maliki's media adviser Ali al-Moussawi said after the meeting.
"The prime minister's answer was clear to the head of Exxon that they can't keep operating on both deals at the same time and they should observe Iraq's laws."
A statement from the government said only that Exxon Chief Executive Rex Tillerson had "expressed his company's keenness to continue and expand its work in Iraq."
Iraqi officials had said late last year that China National Petroleum Corp, or CNPC, had emerged as the favourite in negotiations to take over Exxon's 60 percent stake in the $50 billion the West Qurna-1 project.
Iraq's Arab-led central government and Kurdistan Regional Government run by ethnic Kurds are caught in a dispute over control of oil revenues, oilfields and territory that is testing Iraq's federal union.
Iraq's government says it alone has the constitutional authority to export crude oil and sign deals, but Kurdistan says the constitution allows it to agree to contracts and ship oil independently of Baghdad.
Attempts to resolve the dispute have failed in part because of disagreements over a long-delayed oil and gas law meant to set a clearer framework for managing the country's vast oil reserves, the world's fourth largest.
Turkish Statistical Institute says energy prices drive fall in imports
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.
California is now the sixth largest economy in the world, surpassing France thanks to a robust state economy and the strength of the US dollar.
Overnight lending rate gets cut by 50 points to 9 percent, while overnight borrowing rate remains unchanged at 7.25 percent
Says 2016 business report 'clear indicator' it is improving its economic record despite fall from 46th to 49th
Turkish Cypriot leader says negotiations on federal system close to completion
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent.
1 in 18 families has a member who left Greece after 2010, and 12 pct of new refugees are older than 40
Surplus during Jan.-May period stood at $3.1 billion, says finance minister
Remote, impoverished town expects well-to-do Chinese buyer to spur its fragile economy
Austrian company is to have 75 percent of total stakes of Turkish company after agreement concluded
Apple, Microsoft, Alphabet, Cisco and Oracle hold about $504B, approximately one-third of all corporate cash in the United States