Basra Energy will handle Rumaila oilfield instead of BP

Development of the Rumaila oilfield, the country's largest, is now held under a new company, Basra Energy that will be jointly owned by the China National Petroleum Corporation and BP.

"One of the most important tasks of this company is that it will be the party responsible for financing the giant Rumaila field development project in southern Iraq," the ministry said in a statement on their website. 

This comes after the cabinet approves plans submitted by BP who is the main contractor at the oilfield and has 38 percent stake in it.