Shell sells stake in Iraq oilfield for US$406mn

ShellShell EP Middle East Holdings said it would sell its stake in Iraq's West Qurna 1 oilfield to a unit of Japan's ITOCHU Corp for US$406mn, as part of its divestment program

The British oil major plans to sell assets worth US$30bn after it bought BG Group for US$53bn in 2015.

Shell owned a 19.6 per cent stake in the oilfield among other parners including ExxonMobil, PetroChina, Pertamina and state-owned Oil Exploration Company.

ITOCHU's unit will assume debt of US$144mn as part of the deal.

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