Shell completes sale of its stake in Iraq’s West Qurna 1 oil field to ITOCHU Corporation
Mar 28, 2018
Shell EP Middle East Holdings B.V. has completed the sale of the entire share capital of Shell Iraq B.V (SIBV), which held its 19.6% stake in the West Qurna 1 oil field, for $406 million, to a subsidiary of ITOCHU Corporation. The purchaser has also assumed debt of $144 million as part of the transaction.
The West Qurna 1 venture will continue to be operated by ExxonMobil. Shell’s other businesses in the country are not affected by this divestment.
Notes to Editors
Click here to read the sale announcement of 23 March 2018.
For media enquiries contact:
Mr. Nureddin Wefati
Head of Media Relations for Middle East & North Africa
Shell EP International
Tel: +971 4 705 5347
Mr. Hassan Almarashi
Spokesperson Middle East & North Africa
Shell EP International Ltd
Tel: +971 4 705 5783
Shell International Media Relations
Tel: +44 (0) 20 7934 5550
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