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Shell says to focus on Basra gas in Iraq after Majnoon exit

Reuters  |  LONDON 

(Reuters) - major Royal Dutch/said on Wednesday it would focus its efforts on the development and growth of the Gas Company in after handing over operations of the Majnoon venture back to the Iraqi

On Tuesday, reported that has started preparations to finalise the exit of from Majnoon, one of the largest fields in the country.

"In May 2017, the ministry of in applied the performance penalty and remuneration factor on the operated venture, the Majnoon field, which had a significant impact on its commerciality," a spokesman said.

then decided that it was in the best interest of all parties to hand over operations of the Majnoon venture to the Iraqi

"remains firmly committed to By handing over Majnoon operation to the ministry of Oil, will be in a stronger position to maximize value to the of and its people as well as our shareholders by focusing its efforts on the development and growth of Gas Company," the spokesman said.

Gas Company is a joint venture between Shell, South Gas Company and Mitsubishi and the Petrochemical Project NEBRAS.

(Reporting by Ron Bousso, writing by Dmitry Zhdannikov, editing by Louise Heavens)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 13 2017. 15:01 IST