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South Oil Company plans to buy a stake of US company Occidental Zubair oil field

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Rocky


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South Oil Company plans to buy a stake of US company Occidental Zubair oil field




November 11, 2015 0


The Oil Ministry announced on Wednesday, the determination of the US Occidental Petroleum, Occidental Petroleum Company, selling its shares in the Zubair oil field, indicating that its Southern Oil Company bought it.

A spokesman for the Oil Ministry, Assem Jihad, said in a statement seen by the agency of our economy news that "the ministry intends to ratify the request of the Occidental Petroleum company to approve the sale of its shares in the Zubair field," asserting that "the South Oil Company will buy the company's share."

The Occidental Petroleum, which is the fourth largest US oil company, owns 29.69 percent of the Zubair oil field, which has reserves of up to four billion barrels of stocks, while owns Eni Eni Italian company which manages the 41.56% of its shares field, Inc. Kocaz KOKAS South Korea 23.75% of them , while South Oil Company owns only 5% of the shares in the field.

The Italian oil company Eni composed with the US oil company Occidental and Kocaz South Korean company, has contracted with Iraq in 2010 for a period of twenty years to develop the Zubair oil fiel

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