8/8/2019, 7:33 PM (Source: TeleTrader)
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BP, Eni close to oil pipeline deal with Baghdad - report

Oil giants BP plc and Eni S.p.A. are close to reaching with the Iraqi government on building an export pipeline, media reported on Thursday.

Reportedly, the proposed $400 million agreement would see the European oil companies build two seabed oil pipelines for Iraq's southern exports through the Gulf, people close to the matter told Reuters. The conduit was meant to be a part of a $53 billion project led by Exxon Mobil Corp. which was held back by contractual disputes and security concerns.

"We can't wait for Exxon forever. We have serious problems with our sea pipelines and urgently need to find partners to help build new ones. Further delays could harm our sea export infrastructure," one of the sources told the news organization.

Breaking the News / MD