The Minister of Oil announces the approval of the investment plan for the Basra Gas Company at a cost of $ 3 billion

Baghdad The Minister of Oil announced the launch of large investments of up to 3 billion dollars to develop the gas industry and investment in the Basra Gas Company in support of the national economy, to implement a group of projects aimed at increasing production from (1000) mqmq per day to (1,400) mqmq all the way to the total capacity of 2,400 mqmq through the implementation of projects to invest and produce dry gas for the period (2021-2025), indicating that the percentage of the increase in production will be achieved (40 percent).

Minister Ihsan Abdul Jabbar Ismail said during the press conference held by the Ministry of Oil to approve the major investment plan for the Basra Gas Company: “The investment plan of 3 billion dollars to implement a group of projects for the Basra Gas Company is a major achievement recorded mainly to support the government, stressing the Ministry and the government’s keenness to direct the national economy towards a sustainable economy, through the launch of investments in the gas and energy sectors. ”

The Minister added that near-term future plans will enhance the refining or transformative industries and the petrochemical industries, and the Nebras Petrochemical Project is one of the most important projects that will be implemented thanks to the availability of gas, describing the current situation of the Basra Gas Company as excellent. We hope our partners will make exceptional efforts and develop strategies that lead to the development and increase the capacities invested.

He pointed out that the Ministry has other projects to invest in gas in the governorates of Dhi Qar, Maysan, and Al-Mansuriyah field, and Akkaz project, and the agreement with Total Company, which is one of the most important agreements in 2021, which is hoped to enter into force at the end of this year.

The conference was attended by Undersecretaries and Advisor to the Ministry, Representatives of the Embassies of Japan and Britain, a number of Director Generals, and a number of media outlets.

Source: National Iraqi News Agency