Baghdad has barred the US oil company Chevron from bidding for Iraq government contracts after the super-major bought into the Kurdish autonomous region's oil sector.
Chevron last week acquired an 80 per cent stake in two Kurdish oil fields from India's Reliance Industries. It followed a similar move by ExxonMobil - the world's biggest oil company by market capitalisation -which bought the rights to six fields in November.
The Iraqi government considers contracts signed with the Kurdish Regional Government (KRG) as illegal and has blacklisted companies already active in Kurdistan, including Exxon. "Chevron is barred from any agreement or contract with the federal ministry of oil and its companies …unless it retreats from the contract it signed in Kurdistan region," Iraq's oil ministry said yesterday.
No comments:
Post a Comment