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BAGHDAD - A new port to export oil on the Arabian Gulf in Basra will finally begin operations in the next couple of days after several delays in last month.
The floating port, capable of handling up to 850,000 barrels per day, is a single buoy that will allow loading for tankers anchored off the coast.
The port, which had its opening ceremony on February 12, was scheduled to be opened on January but the date was postponed until the completion of pipe joints and testing land and marine sectors.
The Deputy Prime Minister for Energy Affairs Hussein al-Shahristani revealed the development yesterday. He added:
"Iraq's production reached to three million barrels per day, and it comes within the ministry's efforts to strengthen the economic capacity of the oil situation in the country."
Iraq exceeded three million barrels per day mark a few days ago, the first time in more than three decades.
Operating the new port will increase the exports by 300,000 barrels per day that Iraq needs to keep up with increased production.
Iraq plans to expand its export facilities in the port of Basra, at a cost of $1.3bn (1.5tr IQD), including pipelines under the sea and underground and the construction of a single float to load tankers.
he government hopes to rebuild the sector after years of war.
Iraq has the fourth-largest oil reserves in the world. After signing several international deals, the country's production of crude oil will increase to 12 million barrels by 2017.
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The floating port, capable of handling up to 850,000 barrels per day, is a single buoy that will allow loading for tankers anchored off the coast.
The port, which had its opening ceremony on February 12, was scheduled to be opened on January but the date was postponed until the completion of pipe joints and testing land and marine sectors.
The Deputy Prime Minister for Energy Affairs Hussein al-Shahristani revealed the development yesterday. He added:
"Iraq's production reached to three million barrels per day, and it comes within the ministry's efforts to strengthen the economic capacity of the oil situation in the country."
Iraq exceeded three million barrels per day mark a few days ago, the first time in more than three decades.
Operating the new port will increase the exports by 300,000 barrels per day that Iraq needs to keep up with increased production.
Iraq plans to expand its export facilities in the port of Basra, at a cost of $1.3bn (1.5tr IQD), including pipelines under the sea and underground and the construction of a single float to load tankers.
he government hopes to rebuild the sector after years of war.
Iraq has the fourth-largest oil reserves in the world. After signing several international deals, the country's production of crude oil will increase to 12 million barrels by 2017.
[You must be registered and logged in to see this link.]
