Shell EP Middle East Holdings said it would sell its stake in Iraqs West Qurna 1 oilfield to a unit of Japans ITOCHU Corp for US$406mn, as part of its divestment program
The British oil major plans to sell assets worth US$30bn after it bought BG Group for US$53bn in 2015.
Shell owned a 19.6 per cent stake in the oilfield among other parners including ExxonMobil, PetroChina, Pertamina and state-owned Oil Exploration Company.
ITOCHU's unit will assume debt of US$144mn as part of the deal.
