Iraq approves BP plan to spin off operations into standalone company

Iraq approved a plan by BP to spin off its operations in Iraq into a standalone company, a cabinet statement said, as the British oil major looks to shift focus to low carbon investments.

The new company, Basra Energy Ltd., would hold BP's interest in Iraq's giant Rumaila oil field and be jointly owned by China National Petroleum Corp, one of BP's partners at the site. (Reporting by Ahmed Rasheed; Editing by Catherine Evans)

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