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Tuesday, January 31, 2012

"Exxon Moves on Kurdistan Deal Despite Baghdad Threat"

this is how wars start......

"According to sources in the city, supermajor ExxonMobil is establishing a presence in Irbil, the capital of the Kurdistan Autonomous Region.

This is a major development because in November 2011, ExxonMobil signed an oil exploration deal with the Kurdistan Regional Government despite the fact that the different political factions in Iraq had not agreed on a law to distribute oil revenues between the provinces and the central government in Baghdad. The central government maintains that the KRG/ExxonMobil deal is illegal and threatened to nullify Exxon’s other contracts for oilfields in southern Iraq. Exxon announced that it would review the deal but appears to be going forward with implementing it."

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