NewsMV
A 42% stake in an Iraqi unit held by BP (BP) is set to transfer to ConocoPhillips (COP), with both companies expected to announce billions of dollars in fresh Iraq investment commitments on Friday.
The deal comes as Washington actively works to reduce Iran's hold on regional energy supply. Friday's joint announcement carries the first disclosed numbers and is the next marker on the tape.
The stake and the announcement ConocoPhillips is acquiring the position from BP.
The two companies are coordinating the announcement together, pointing to a joint capital deployment in Iraq rather than a standalone divestiture.
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