BP is spinning off its assets in Iraq by setting up a joint venture with PetroChina which will manage Iraq’s largest oilfield Rumaila as the UK-based supermajor is looking to invest more in low-carbon energy sources and become a net-zero business by 2050. BP and PetroChina are creating a new standalone joint venture company, Basra Energy Co. Ltd., to run Rumaila together with Iraqi state-held Basra Oil Company, BP said in a statement carried by Bloomberg. The new venture will have access to external financing, the supermajor said. The new joint venture will operate Rumaila through 2034, when the current contract expires, and will allow BP and PetroChina to continue investing in the oilfield’s operations, the supermajor said in a statement to Reuters . The Iraqi government approved on Tuesday BP’s spin-off plan, Iraq’s oil minister Ihsan Abdul Jabbar Ismaael said in a separate statement. BP’s spin-off in Iraq […]