8/24/2021, 7:05 PM (Source: TeleTrader)
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Chart for: BP PLC $0.25

Iraq allows BP to form standalone company

BP plc can spin off its operation in Iraq into a separate company, the country's government confirmed in a statement on Tuesday.

The newly-formed firm, named Basra Energy Ltd., will maintain BP's share in Iraq's Rumaila oil field and will belong in part to BP's partner, China National Petroleum Corp.

A report published in June hinted at the possibility and explained that the British company is planning a similar move in Angola.

Baha Breaking News (BBN) / BU