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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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Iraq says Eni, BP deal doesn't mean Exxon excluded from southern mega-project

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08/10/2019 | 05:08am EDT
Workers are seen at the booth of ExxonMobil in preparation ahead of the LNG2019 in Shanghai

BAGHDAD (Reuters) - Iraq's oil ministry said on Saturday it was still in talks with U.S. energy giant ExxonMobil over a major deal to improve the country's southern oil infrastructure.

An agreement with Britain's BP and Italy's Eni was not part of the $53 billion (£44 billion), 30-year mega-project. It covered the building of two seabed oil pipelines for exports through the Gulf, the ministry said.

Reuters on Thursday cited five senior Iraqi oil officials as saying that Iraq was close to reaching a deal with BP and Eni for an export pipeline project that was initially planned as part of the mega-deal with ExxonMobil.

"The ministry affirms that its negotiations with U.S. company ExxonMobil are ongoing," the ministry said in a statement.

"...Not reaching an agreement or signing a deal between both parties does not mean the end of negotiations or the 'exclusion' of ExxonMobil from the project as reported by news agencies citing officials they did not name."

The deal with Eni and BP was limited to the two seabed oil pipelines, it said. Large strategic projects required more time to research, negotiate, and study, it added.

The southern mega-deal involves several projects including developing oil fields, expanding storage, transport, and export infrastructure, and building byproduct gas treatment units.

(Reporting by Ahmed Aboulenein; editing by John Stonestreet)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.10% 490.2 Delayed Quote.-1.16%
ENI SPA -0.47% 13.04 End-of-day quote.-5.15%
EXXON MOBIL CORPORATION 1.56% 68.3 Delayed Quote.-1.38%
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Financials (USD)
Sales 2019 284 B
EBIT 2019 21 031 M
Net income 2019 10 541 M
Debt 2019 47 038 M
Yield 2019 6,87%
P/E ratio 2019 11,1x
P/E ratio 2020 9,55x
EV / Sales2019 0,59x
EV / Sales2020 0,53x
Capitalization 120 B
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Last Close Price 5,95  $
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