By John Lee.
The Iraqi Ministry of Oil has received approval from the Ministerial Energy Council (Recommendation 23067/T) for a final settlement with ExxonMobil.
This settlement, known as the "Settlement Agreement," resolves longstanding disputes arising from the service contract for the West Qurna oilfield project between Basra Oil Company (BOC) and US-based oil giant.
The agreement excludes tax disputes mentioned in paragraphs 1-14 of the settlement.
(Source: Media Office of the Prime Minister)
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