ExxonMobil Looking for Way Out of Iraq Project

Reuters reported that ExxonMobil (NYSE:XOM) does not want to continue with its massive Iraq-based West Qurna-1 project. The company is reportedly concerned that the project will be less profitable than expected.

As quoted in the market news:

Exxon executives this week told U.S. State Department officials it was looking to sell its 60 percent stake in the project, diplomats from two Western countries said.

“Exxon is telling Baghdad: ‘We are letting you know we’re looking to leave,'” one of the diplomats said. “They are shopping around and looking at all the options.”

Exxon declined to comment, as did the U.S. State Department.

Exxon’s departure from southern Iraq now hinges on its ability to find a company willing to buy out its stake in West Qurna-1, industry sources say.

Click here to read the full Reuters report.