How China Took Control Of Exxon’s Supergiant Iraqi Oilfield ...Middle East

Various reports that Chinese oil giants, China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are ‘considering acquiring’ U.S. oil titan ExxonMobil’s 32.7 per cent stake in Iraq’s supergiant West Qurna 1 oil (and gas) field are missing the point. The point is that China is already dominant at the site, not only through the 32.7 per cent stake held by PetroChina - the listed arm of CNPC - but also through the gradual acquisition of a range of huge supposedly ‘contract-only’…

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