Highlights Cabinet grants approval for INOC’s takeover of stake: minister ExxonMobil had filed lawsuit last year over stake sale ExxonMobil wanted to sell stake to a third party The Iraqi National Oil Co. will acquire ExxonMobil’s stake in the West Qurna 1 oil field, following the government’s approval of the takeover, oil minister Ihsan Ismaael said in a statement Jan. 5, as the revived state-owned company takes on holdings in new projects. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The minister didn’t provide any further details. ExxonMobil had filed last year an arbitration case against Iraq’s state-owned Basra Oil Company over the US oil major’s stalled attempt to sell its stake in the giant West Qurna 1 oil field. ExxonMobil couldn’t immediately be reached for comment on the matter Jan. 5. The main operator of the field, ExxonMobil entered into an agreement with third […]