Iraq plans to invest 1.6 billion cubic feet of gas

By Rudao two hours ago

Iraq plans to invest 1.6 billion cubic feet of gas


Iraq's oil minister, Jabbar al-Luaibi, announced on Monday a plan to invest 1.6 billion cubic feet of gas a day and stop incineration in the southern region of the country.

"The program aims to provide large amounts of dry gas to power plants and other associated raw materials in many petrochemical industries," Al-Allaibi said in a statement.

It is estimated that Iraq has a stockpile of 112 trillion cubic feet of gas, but 700 million cubic feet of it was burning daily, due to lack of investment optimization over the past decades.

The mechanisms to stop the burning of gas, the construction of three central complexes in stages and expandable, to receive gas in Basra, Nasiriyah and Maysan, through the activation and development of contractual obligations of foreign companies operating in the oil fields, for the production of dry gas and liquids and condensates.

"The policy of production will ensure the provision of large quantities of dry gas to power plants."

Iraq burns annually about 12 billion cubic meters of natural gas, which accompanies oil extraction operations in the south of the country, and cost more than $ 15 billion annually, according to oil experts.