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Interview: Shell sells stake in Iraq oilfield to Japan's Itochu - oil official

Reuters  |  BASRA, Iraq 

By Aref MohammedBASRA, Iraq (Reuters) - Iraq has approved the sale by Royal Dutch Shell of the company's 20 percent stake in Iraq's West Qurna 1 oilfield to Japan's Itochu Corp, a senior Iraqi oil official said on Wednesday.The deal comes as the Anglo-Dutch company agreed to exit the Majnoon oil venture, one of the largest fields in OPEC member Iraq, and hand over its operation to the state-run Basra Oil Co. (BOC) by the end of June 2018."Shell sold its stake in West Qurna 1 to Itochu and the oil ministry approved it. We met with Itochu and discussed the required financial investments and ...

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First Published: Wed, January 10 2018. 19:51 IST
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