By Oliver Griffin
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (March 24, 2018).
Royal Dutch Shell PLC said Friday that it has agreed to sell its entire stake in the West Qurna 1 oil field, Iraq, for $406 million to Itochu Corp..
The oil-and-gas company said that its Shell MP Middle East Holdings BV subsidiary will sell its entire stake in Shell Iraq BV--holder of a 19.6% stake in the West Qurna 1 oil field--to Itochu.
Itochu will also assume $144 million of debt as part of the transaction, Shell said, adding that the sale forms part of its $30 billion divestment program.
Shell said that the sale is expected to complete in the next few days, and the deal has a backdated sale date effective from Dec. 31, 2015.
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