Deals
Iraq Approves Sale of Exxon Oil Field Stake to State Firm
The Esso Fawley Oil Refinery, operated by Exxon Mobil Corp. in Fawley, near Southampton, U.K.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Iraq approved a state company’s potential purchase of Exxon Mobil Corp.’s interest in a huge oil field in the south of the country.
The cabinet on Wednesday approved a proposal for Iraq National Oil Co. to start the process of acquiring the stake, Oil Minister Ihsan Abdul Jabbar said in a statement. He didn’t say if INOC had made a formal offer to Exxon or if it had been accepted.