BP is spinning off its assets in Iraq by setting up a joint venture with PetroChina which will manage Iraq’s largest oilfield Rumaila as the UK-based supermajor is looking to invest more in low-carbon energy sources and become a net-zero business by 2050. BP and PetroChina are creating a new standalone joint venture company, Basra Energy Co. Ltd., to run Rumaila together with Iraqi state-held Basra Oil Company, BP said in a statement carried by Bloomberg. The new venture will have access to external financing, the supermajor said. The new…
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