Market Chatter: BP, ConocoPhillips Plan Major Investments in Iraq

MT Newswires Live07-17 17:34

BP (BP) and ConocoPhillips (COP) plan to reveal billions of dollars in new investments in Iraq to help build its energy sector and increase resilience against Iranian disruptions, CNBC reported Friday, citing people familiar with the plans.

The agreements are expected to be shared at a US-Iraq business meeting in Washington, the sources told the news outlet.

The event could have over $60 billion in deals between US companies and the Iraqi government, and the BP and ConocoPhillips investment could be tens of billions, CNBC quoted the people as saying.

BP and ConocoPhillips did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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