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MOSCOW (MRC) -- 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, as per Euro-petrole.
The
purchaser has also assumed debt of USD144 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.
The
divestment scope covers Shell Iraq BV, which is 100% owned by Shell EP Middle
East Holdings B.V. (“SEPMEH”) and holds a 19.6% working interest in West Qurna 1
(“WQ1”) Technical Service Contract (“TSC”) in Iraq. Other partners in the TSC
are ExxonMobil (32.7%), PetroChina (32.7%), Pertamina (10%) and Oil Exploration
Company (5% state partner).
On completion of the sale of SIBV, Shell
will have no participating interest in the TSC and will have completely divested
its interest in West Qurna 1.
On 14 September 2017, Shell Iraq Petroleum
Development B.V. (SIPD) announced that the Ministry of Oil of Iraq has endorsed
its recent proposal to pursue an amicable and mutually acceptable handover of
the Shell interest in Majnoon, with timings to be agreed in due
course.
Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London, Amsterdam, and New
York stock exchanges. Shell companies have operations in more than 70 countries
and territories with businesses including oil and gas exploration and
production; production and marketing of liquefied natural gas and gas to
liquids; manufacturing, marketing and shipping of oil products and chemicals and
renewable energy projects. |
