The FINANCIAL — 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, according to Shell.
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.
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