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BP and ConocoPhillips plan major new investments in Iraq

The companies are expected to announce billions of dollars in new Iraq spending on Friday, as the U.S. looks to reduce Iran's energy influence.

Reported · Written up by our desk · Trade & Tariffs

CNBC Markets and CNBC World report that BP and ConocoPhillips are preparing to announce major new investments in Iraq on Friday.

The coverage says the planned projects involve billions of dollars, and it is tied to broader U.S. efforts to weaken Iran's hold in the energy sector.

While the reports do not break down the projects, they indicate the announcements will center on additional capital commitments in Iraq.

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