The Annual Explosion Proof Electric Technology & Equipment Event
logo

The 26thChina International Explosion Protection and Electric Technology & Equipment Exhibition

ufi

BEIJING,CHINA

March 25-27,2026

LOCATION :Home> News > Industry News

Sale of Exxon Mobil Stakes Makes Beijing Top Consumer of Iraq's Oil

Pubdate:2013-02-06 09:45 Source:lijing Click:

The U.S. oil giant Exxon Mobil Corp has decided to sell its stakes in the West Qurna phase 1 oilfield in Iraq.


Exxon will sell its stakes to Chinese state-run oil giant China National Petroleum Corp [CNPC], China's official newspaper China Daily confirmed on Jan. 24.


With the acquisition of new stakes, CNPC will soon get half of Iraq's oil for China.


The paper said that CNPC would buy 60 percent of the oil stakes for $50 billion, which will become one of the largest stake purchases in recent memory.