Iraq invests $ 3 billion for gas production and strengthens its capabilities to extract oil derivatives

Iraqi Oil Minister Ihsan Abdul Jabbar announced today that it will invest $ 3 billion in gas production in Basra, south of the country, over the next five years. This came during a press conference held by the minister, during which he announced the approval of the investment plan for Basra Gas Company.

Abdul Jabbar said that the approved investment plan aims to add 1.4 billion cubic feet of associated gas per day, indicating that it will provide about two thousand job degrees during the period of its implementation. Read also A waste of Iraq’s resources .. You know the second largest waste squander of natural gas in the world To face its financial crisis, Iraq seeks to sell its oil by pre-payment method Despite its expectation of higher prices .. Iraq: Corona put the oil industries in a critical position A Chinese company is at the forefront of competitors in an Iraqi oil tender

Iraq’s current production of associated natural gas amounts to 2.7 billion cubic feet per day, and aims to reach 3.1 billion cubic feet.

According to previous estimates, Iraq has a stockpile of 132 trillion cubic feet of gas, of which 700 billion cubic feet have been burned, as a result of the weak ability to exploit it.

Iraq is still importing gas from Iran, through two pipelines, at about 20 million cubic feet per day, to operate the country’s electric power stations, while the country’s need is about 70 million cubic feet per day.

And last week, a World Bank report showed that Iraq is one of 7 countries responsible for two-thirds of the unexploited burning of gas associated with oil, along with the economies of Algeria, Russia, Nigeria, the United States, Iran and Venezuela.

Other projects

In his speech, the minister pointed out that there are other government projects that will be implemented in Nasiriyah, Maysan, Mansouriya, and crutch.

He explained that there is a technical discussion on the investment of the crutch field by American and foreign companies, pointing out that the aim of the investments is to reach the production of 400 billion cubic feet per day.

Abdul Jabbar said that the Karbala refinery, under construction south of Baghdad, will start operating in September of next year, explaining that the percentage of construction work has exceeded 90%. Advertising

He added that the refinery would enable Iraq, once fully operational, to dispense with 90% of imports of petroleum products.

The Karbala refinery includes 35 operational and service units, including 4 gasoline production units.

Iraq is currently witnessing a deficit in oil derivatives of up to 35%, which pays for imports to fill the shortfall.