Shell EP Middle East Holdings B.V. has completed the sale of the entire share capital of Shell Iraq B.V (SIBV), which held its 19.6% stake in the West Qurna 1 oil field, for $406 million, to a subsidiary of ITOCHU Corporation. The purchaser has also assumed debt of $144 million as part of the transaction.

The West Qurna 1 venture will continue to be operated by ExxonMobil. Shell’s other businesses in the country are not affected by this divestment.

About Shell Iraq BV

The divestment scope covers Shell Iraq BV, which is 100% owned by Shell EP Middle East Holdings B.V. (“SEPMEH”) and holds a 19.6% working interest in West Qurna 1 (“WQ1”) Technical Service Contract (“TSC”) in Iraq. Other partners in the TSC are ExxonMobil (32.7%), PetroChina (32.7%), Pertamina (10%) and Oil Exploration Company (5% state partner).

On completion of the sale of SIBV, Shell will have no participating interest in the TSC and will have completely divested its interest in West Qurna 1.

On 14 September 2017, Shell Iraq Petroleum Development B.V. (SIPD) announced that the Ministry of Oil of Iraq has endorsed its recent proposal to pursue an amicable and mutually acceptable handover of the Shell interest in Majnoon, with timings to be agreed in due course.

About Royal Dutch Shell plc

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.