ZCZC
BCN-05
QATAR-ECONOMY-ENERGY
Qatar Petroleum signs Argentina deal with Exxon
DOHA, June 4, 2018 (BSS/AFP) – State-owned energy giant Qatar Petroleum on
Sunday signed an agreement to buy a 30-percent stake in Exxon Mobil
hydrocarbon affiliates in Argentina.
The deal, Qatar Petroleum’s first in Argentina, was formally signed at a
ceremony in a five-star Doha hotel by the heads of both companies.
“We are happy to reach agreement with Exxon, a strategic partner with
which we have a long history,” said Saad Sherida Al-Kaabi, president and CEO
of Qatar Petroleum.
Andrew Swiger, senior vice-president of Exxon, said the deal “underscores”
his company’s commitment to develop Argentinian resources.
No value was given for the agreements.
The affiliates are based in the Neuquen basin, central Argentina. The area
is known for its shale oil and gas deposits.
Announcement of the deal comes on the eve of a one-year anniversary of a
diplomatic crisis which has rocked the Gulf.
On June 5, 2017, a group of countries including Saudi Arabia, the United
Arab Emirates, Bahrain and Egypt cut all ties with Qatar, accusing it of
supporting extremism and being too close to regional rival Iran.
Qatar denies the allegations and says the dispute is an attack on its
sovereignty.
BSS/AFP/HR/0945