Iraqi Cabinet approves BP Plan to spin off Rumaila

By John Lee.

The Iraqi cabinet has approved a plan to restructure the ownership of the giant Rumaila oilfield.

The field will be taken over by the newly-created Basra Energy Company (BEC), which in turn will be owned by BP and the China National Petroleum Corporation (CNPC).

According to a statement from the Ministry of Oil, it appears that the CNPC interest will be held through the company's subsidiary, PetroChina.

(Source: Ministry of Oil)

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