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Reuters: Exxon exits Pakistan gas project

Published 10/30/2017, 10:58 AM
© Reuters. Reuters: Exxon exits Pakistan gas project
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  • Exxon Mobil (XOM -0.1%) has pulled out of a major liquefied natural gas project in Pakistan, and differences among the six-member group behind the project in Port Qasim in Karachi mean partners Total (TOT +1.1%) and Mitsubishi also may quit, Reuters reports.
  • XOM is pulling out because it had “issues with partners," according to the report, particularly Turkey's GEIL, according to the report, leaving in doubt a multi-billion dollar deal Qatar has struck with GEIL for the sale of up to 2.3B metric tons of LNG annually over 20 years.
  • A senior Pakistani government official tells Reuters that the chances of success for the project, set to be Pakistan’s third and biggest by import capacity, are now just 10%-20% due to the disagreements, although a new consortium could be formed.
  • Now read: Exxon Mobil - Fully Valued, So Buy In Tranches

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