BP Iraqi joint venture

Iraq reportedly approved approved BP Plc’s plan to spin off its operations in the country, the government and BP said.

The new company, Basra Energy Ltd, would hold BP’s interest in Iraq’s giant Rumaila oil field and be jointly owned by China National Petroleum Corp, one of BP’s partners at the site.

In a statement to Reuters, BP confirmed the new Iraqi joint venture, which it said would allow BP and PetroChina to continue investing in the oilfield throughout the duration of its existing contract which expires in 2034.

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