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Shell will sell its stake in West Qurna 1 oil field to Japan's Itochu DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Shell will sell its stake in West Qurna 1 oil field to Japan's Itochu

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Shell will sell its stake in West Qurna 1 oil field to Japan's Itochu Empty Shell will sell its stake in West Qurna 1 oil field to Japan's Itochu

Post by RamblerNash Sun Mar 25, 2018 6:58 pm

Shell will sell its stake in West Qurna 1 oil field to Japan's Itochu

Shell will sell its stake in West Qurna 1 oil field to Japan's Itochu 6815

03/23/2018

Economy News _ Baghdad

LONDON (Reuters) - Royal Dutch Shell Oil Co. agreed on Friday to sell its entire stake in Iraqi oil field West Qurna 1 to Japan's Itochu Corp. for $ 406 million.

The deal comes at a time when the British-Dutch company agreed to exit the Majnoon oil project, one of the biggest fields in OPEC member Iraq, and hand over its operations to the state-run Basra Oil Company by the end of June.

The company said Shell BP Middle East Holdings would sell its entire stake in Iraq Shell (SAIB), which holds a 19.6 percent stake in the oil field, to a subsidiary of Itochu.

Under the agreement, Itochu will also have a $ 144 million debt.

Shell said it has obtained the necessary regulatory approvals and is expected to complete the sale soon, with the effective date of the agreement on 31 December 2015.

A senior Iraqi oil official told Reuters in January that Iraq had agreed to sell.

West Qurna 1, run by Exxon Mobil, produces about 405,000 barrels per day at present.

http://economy-news.net/content.php?id=11668
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