Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Exxon Mobil Corporation : Iraq Says Kurdish Oil Exports to Turkey Are Illegal

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/09/2012 | 08:21pm CET

--Iraqi government threatens to take "appropriate action" after KRG begins crude exports to Turkey

--Iraq, Kurdistan governments at loggerheads over number of issues, including who should control oil, gas in Kurdistan region

--Kurdistan government says it was forced into latest move because Iraqi government hasn't been sending enough oil products to meet region's needs

(Adds comments from a Kurdish person on quantities of exported oil in the third paragraph, other details in the eighth paragraph.)

By Hassan Hafidh

Iraq's government Monday said crude-oil exports from the semi-autonomous northern region of Kurdistan to neighboring Turkey are "illegal" and threatened to take "appropriate action," in a continuation of recent of tensions between the two.

The Kurdistan Regional Government, or KRG, has begun exporting an unspecified amount crude oil by truck to Turkey without the permission of the central government.

A Kurdish person familiar with Kurdistan's oil exports said currently only four trucks a day are carrying crude across the border to Turkey.

"This is an illegal and unconstitutional business that we will take the right decision against," Faisal Abdullah, spokesman for Iraq's Deputy Prime Minister for Energy Hussein al-Shahristani, told Dow Jones Newswires.

"The Oil Ministry [in Baghdad] solely reserves the right to export crude oil, gas or oil products to other countries," Mr. Abdullah said.

Baghdad and Erbil, the capital of Iraq's Kurdistan, are at loggerheads over a number of issues, including who should control oil and gas produced in the region. The central government argues that it should control all resources in the country, while the Kurds say that they are eligible to run their own resources in accordance with the country's new constitution.

The KRG said that its crude would be refined in Turkey and sent back for local consumption, and that it was forced into this move because the central government hasn't been sending enough oil products to meet their needs.

The exported crude is a quantity-for-quantity barter arrangement to supply Kurdistan with oil products, mostly diesel, to fuel power stations, the Kurdish person said. The transit will continue according to need until the KRG receives its full entitlement of products from Baghdad, he added.

The KRG in April suspended crude-oil exports of nearly 100,000 barrels a day through a Baghdad-controlled export pipeline, protesting that the central government was delaying payment of around $1.5 billion that the region needs to pay to contracting companies.

This came after Iraq's central government reached an agreement that the Kurdish authorities would resume oil exports starting in February after a suspension of more than a year. The central government also agreed to pay exploration costs and expenses to foreign firms operating in the KRG region.

Tensions between Baghdad and the Kurdish region have risen since October, when U.S. energy company Exxon Mobil Corp. (XOM) announced a deal with the KRG to explore for oil in Kurdistan. Baghdad warned the U.S. oil giant could risk its agreements with the central government.

Write to Hassan Hafidh at hassan.hafidh@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on EXXON MOBIL CORPORATION
01/21 EXXON MOBIL : Qatar Petroleum merging offshore gas groups
01/20 NOTICE TO EXXON MOBIL CURRENT AND FO : ERISA Lead Counsel Zamansky LLC Compiling..
01/20 EXXON MOBIL : Covered Call reports for Applied Materials Inc., Century Aluminum,..
01/20 EXXON MOBIL : Disappointed by funding decision
01/20 EXXON MOBIL : Once Again, ExxonMobil Discovers Oil in Guyana
01/20 SAUDI BASIC INDUSTRIES SJSC : SABIC still keen on Exxon venture in US
01/20 EXXON MOBIL : expands in New Mexico oil fields
01/20 SAUDI BASIC INDUSTRIES SJSC : SABIC remains upbeat on ExxonMobil venture in US
01/20DJSantos 4Q Revenue Lifted by Rise in Sales Volumes
01/19 Ratio Petroleum IPO oversubscribed
More news
Sector news : Oil & Gas Refining and Marketing - NEC
12:51pDJROYAL DUTCH SHELL A : Sabic to Buy Remaining Stake in JV with Shell for $820 Mil..
09:33a SAUDI BASIC INDUSTRIES SJSC : SABIC to acquire remaining 50 percent of Shell ven..
01/20DJCorrection to inauguration donors article on Thursday
01/20DJHigher Oil Prices Put Smiles on the Faces of Energy Executives at Davos -- Up..
01/20DJEnergy Executives at Davos Upbeat After Two-Year Price Rout
More sector news : Oil & Gas Refining and Marketing - NEC
News from SeekingAlpha
01:59a CHEVRON : A Canary In The Permian
01/20 ENERGY RECAP : Sticking With What Works
01/20 How I'm Positioning My Portfolio For 2017 (Ian Bezek)
01/19 EXXON MOBIL : Permian Acquisition, Strategy And Oil Pricing
01/19 Natural Gas Prices - A Flicker Of Hope
Advertisement
Financials ($)
Sales 2016 231 971 M
EBIT 2016 12 179 M
Net income 2016 9 153 M
Debt 2016 40 414 M
Yield 2016 3,46%
P/E ratio 2016 38,86
P/E ratio 2017 20,04
EV / Sales 2016 1,71x
EV / Sales 2017 1,24x
Capitalization 356 159 M
More Financials
Chart EXXON MOBIL CORPORATION
Duration : Period :
Exxon Mobil Corporation Technical Analysis Chart | XOM | US30231G1022 | 4-Traders
Full-screen chart
Technical analysis trends EXXON MOBIL CORPO...
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 88,9 $
Spread / Average Target 3,5%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Darren W. Woods Chairman, President & Chief Executive Officer
Andrew P. Swiger Principal Financial Officer & Senior VP
Michael J. Boskin Independent Director
Samuel J. Palmisano Independent Director
Steven S. Reinemund Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
EXXON MOBIL CORPORATIO..-4.84%356 159
ROYAL DUTCH SHELL A-0.25%228 422
BP PLC-0.88%119 763
CHINA PETROLEUM & CHEM..8.32%101 427
SAUDI BASIC INDUSTRIES..--.--%74 398
SUNCOR ENERGY INC.-4.65%52 836
More Results