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6/11/2021, 5:31 PM (Source: TeleTrader)
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BP to turn its Iraqi ops into stand-alone company - report

BP plc is considering turning its operations in Iraq into a separate company, The Wall Street Journal reported on Friday, citing people familiar with the matter.

The new enterprise is planned to hold BP's share in the Rumaila oil field in the country, the report explained, noting that the spinoff company will hold its own debt, and "distribute profits via dividends."

"The plan is aimed at giving BP more flexibility to invest in low-carbon energy by enabling it to reduce its spending on oil and gas," the outlet cited one of its sources.

Baha Breaking News (BBN) / BU