Arbitration – Cursor international

By John Lee.

Iraq’s Ministry of Oil has engaged the Texas-based law firm Vinson and Elkins as a legal advisor in the US.

Partner James Lloyd Loftis will meet with representatives of the Department of State, at their request, regarding a pending arbitration proceeding between Iraq and the Republic of Turkey.

The Ministry will pay Mr Loftus a fee of $900 per hour for his advice in this matter.

During the period beginning 60 days prior to the date of the registrant’s obligation to register under US’s Foreign Agents Registration Act (FARA), the firm received more than $2.1 million from the Ministry for non-registrable legal services.

The firm has advised Baghdad on other matters in the past.

(Source: FARA)

The post Vinson and Elkins to advise Iraq on Arbitration with Turkey first appeared on Iraq Business News.

By John Lee.

The Iraqi cabinet has agreed to allow the Basra Oil Company (BOC) to take over ExxonMobil‘s holding in the West Qurna 1 oilfield, at a price of up to $350 million.

Addressing media after Wednesday’s cabinet meeting, Minister of Communications Arkan Al-Shaibani (pictured) said the cabinet also allocated an initial payment of $250 million “according to the acquisition amount to cover the Basra Oil Company’s share in the work program and the budget for the year 2022 according to new developments provided that ExxonMobil relinquishes its litigation against the Basra Oil Company at the International Court of Arbitration.“

Note that other media list the acquiring entity as the Iraqi National Oil Company (INOC).

(Sources: Govt of Iraq, Reuters, S&P Global Platts)

The post Iraq to buy Exxon stake in West Qurna 1 first appeared on Iraq Business News.