Cnooc & Nexen With a New Twist, Exxon Seeks West Qurma Buyers: Energy Biz Wrap
There will apparently be no connection between two proposed acquisitions involving China and Canada. As of Tuesday, the government of China is treating as distinct the now-famous bid by Cnooc Limited (NYSE:CEO) for Canada’s Nexen (NYSE:NXY) and Glencore International’s (GLCNF.PK) desired takeover of the grain handler Viterra (VTRAF.PK), which is also based in Canada, and owns a canola processing facility in China. The Canadian Agriculture Minister Gerry Ritz explained from Winnipeg that, “They’re treating these very differently, which of course they are. One is an investment into their country, predicated on what Glencore will do into the future. The other is an investment into Canada.”
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When they want out, they want out. It’s now reported that Exxon Mobil Corporation (NYSE:XOM) is in advanced talks with suitors for its West Qurma oilfield, according to Iraq’s Deputy Prime Minister for Energy Hussain Shahristani. The project is worth some $50 billion, but ExxonMobil wants to quit the Southern Iraq region and has said so officially. The giant Russian crude producer LUKOIL is said to be currently examining the proposition.
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