Iraq upholds pacts with Exxon ‘for now'

Iraq will uphold agreements with ExxonMobil Corp "for now" after the company signed energy contracts the government considers illegal with the country's semi-autonomous Kurdish region, an Oil Ministry official said. The central government in Baghdad "is considering measures" in response to Exxon's contracts with the Kurdistan Regional Government, Abdul Mahdy Al Ameedi, director general of the ministry's licencing department, said in an interview yesterday in Amman, Jordan. Aramco Saudi Aramco, China Petroleum and Chemical Corp (Sinopec) and CNOOC are in talks to buy an up to 30 per cent stake in North American oil and gas services company Frac Tech International in a deal worth about $2.2 billion, sources said yesterday. Article continues below Sarco Saudi Arabian Refineries Co, or Sarco, yesterday said it is considering raising its stake in Arabian Sulfonate Co. to 50 per cent from 34 per cent. Sarco said in a statement that it will hire an adviser to study this [potential] investment. In addition to oil refining, Sarco is engaged in various sectors such the oil and petrochemical industries, as well as water projects and transportation. Saudi Telecom Saudi Telecom Co has bought a further 20 per cent stake in UAE media firm Intigral for 90 million riyals, the operator said yesterday. The deal will raise STC's stake in Intigral to 71 per cent, with the operator funding the purchase through its own reserves. "The move is consistent with the strategy to focus on providing content services that are important to many of its customers," STC said. Samel Kuwait-based logistics company Agility and European dry bulk chemicals logistics provider Schmidt Heilbronn said yesterday they launched a joint venture, Samel, to provide dry bulk solutions across the region.