E.Guinea says to punish Exxon, blasts BG profit

[emad]

Source: Reuters

LONDON, June 17 (Reuters) - Equatorial Guinea will penalise U.S. oil major Exxon Mobil (XOM.N: Quote, Profile, Research) for failing to stop gas flaring in the country, a senior state official said on Tuesday.

The country had also expressed its concern to British gas producer BG Group (BG.L: Quote, Profile, Research) about "extremely unfair profit" it was making in the small West African gas and oil producer, he said.

"Exxon will be penalised because it could not stop flaring," Gabriael Nguema Lima, the vice minister of the Mines, Industry and Energy of Equatorial Guinea said at a conference in London.

"Exxon will be penalised. We will announce it soon. It will be in the press in a month," he told Reuters after his speech to the conference. He did not say what the penalty would be.



Read more: http://uk.reuters.com/article/oilRpt/idUKL1724026820080617

[rAVES]

1. Add one to the Axis of Evil.