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16.11.2011 | (Voice of Iraq) - Add comments - Sumerian News / Baghdad Oil Ministry announced on Wednesday that Iraq's revenues from the gas company to establish the city in 25 years will amount to $ 31 billion, as shown and that the contract with foreign companies to invest in the associated gas will sign the end of next week, confirmed that the production of gas will cover the need for power plants, amounting to more than 3500 million cubic feet. The Economic Adviser in the Ministry Hisham Yas in an interview for "Alsumaria News", on the sidelines of a press conference held by the Ministry on the establishment of Basrah Gas Company, "The investment cost for the project to establish Basrah Gas Company would be about $ 17 billion, "noting that" 12 billion and $ 600 million of that cost will be allocated for the rehabilitation of current facilities and the addition of new units, what would be the amount remaining of four billion and $ 400 million for the construction of a liquefied natural gas assigned for export of gas . " The Yas that "the financial returns that they would gain Iraq the establishment of the Gas Company of Basra, which will invest the associated gas for the three oil fields will reach $ 36 billion, during the contract period of 25 years," noting that "27 billion dollars of such proceeds will go in support of providing power plants, industries, other economic gas. " He went on Yas that "the financial returns the remainder will be nine billion dollars, and when combined with the taxes that will get Iraq from this company, amounting to $ 23 billion will net proceeds entirely from the project $ 31 billion." For his part, Undersecretary Ministry of oil for refineries and gas industry, Ahmed Chandler in the press conference that "the contract approved by the Council of Ministers, yesterday, signed by the Ministry of oil and foreign companies, the end of next week," noting that "the project is to establish the Basrah Gas Company to invest the associated gas from three oil fields are Rumaila, Zubair, West Qurna, in partnership with Shell and Mitsubishi. " said Chandler that "the project will be dedicated in his early years to satisfy the market needs of local economic sectors consuming gas stations of electrical and factories Alaptrkimaoyat, in addition to some of the applications needed by the local market," noting that "the quantities surplus that will be exported out of Iraq and sold according to international prices. " The Chandler, that "the need for electric power stations of gas will amount to 3500 million cubic feet of gas per day, to generate 16 thousand megawatts of electric power," explaining that "the gas associated with oil fields was and continues to burn during the session last year without being to take advantage of it. " The Cabinet has approved yesterday (15.11.2011), the establishment of Basrah Gas Company, which will address the gas associated with oil from the fields of Rumaila, Zubair, West Qurna joint venture between South Gas, owned by the Ministry of Oil by 51% and the two Royal Dech Shell by 44% and Mitsubishi of Japan by 5%. " Preliminary estimates indicate that Iraq possessed stockpiles estimated at 112 trillion cubic feet of gas, but that 700 million cubic feet of it burning day and wasted due to lack of the presence of infrastructure. and agreed the prime minister during June of last year, 2010, to establish a gas company of Basra, according to the economic model developed by the Oil Ministry on the basis of the agreement of principles signed between them and Shell for the treatment of associated gas produced from the fields of Rumaila, Zubair, West Qurna, Majnoon, while signed the initial agreement for the establishment of the company between the Ministry of Petroleum and Shell in September of 2008. and offered the Oil Ministry in May of last year, 2010, three gas fields to foreign investment which fields Mansourieh Saybah and crutch, what would be the companies that will develop the oil fields are obliged to prevent burning any amount of gas associated with oil, as would be required to build facilities for the manufacture of associated gas, and handed over to Iraq without charge. Iraq is seeking through the development of oil fields in the two rounds of licensing the first and second, to reach a production of at least 11 million barrels per day within the next six years, and to 12 million barrels per day after the addition of the quantities of the other fields of national effort.
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