Iraq's cabinet on Wednesday approved plans to buy the US energy giant Exxon Mobil’s stake in one of the country’s biggest oilfields, the country's oil minister said.
In a statement, Ihsan Abdul Jabbar said the Iraqi National Oil Company will purchase Exxon Mobil's share in the West Qurna 1 field in the southern province of Basra.
Mr Abdul Jabbar did not provide further details.
Earlier last year, Iraq formally informed Exxon Mobil of its plans to buy the company's shares in the field. The site is one of the largest in Iraq and state-run Basra Oil Company director Khalid Hamza told Reuters last year that Exxon was looking to sell its 32.7 per cent stake for at least $350 million.
The field had a production capacity of close to 500,000 barrels per day in 2021, according to Iraqi officials.
In 2020, Exxon Mobil's staff left the country after the US assassination of Iranian general Qassem Suleimani in Baghdad. They returned a few months later.
Foreign interest in developing fields in southern Iraq has fallen as Iraq along with other top producers curbs output to support prices and as a result of tension between the United States and Iran, which has close ties to Iraqi Shiite militias. - Additional reporting by Reuters
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
