Iraq will invest 3 billion U.S. dollars to support Basra Gas Company

According to Anadolu News on May 5, according to an Iraqi News Agency (INA) report on Monday, Iraq, OPEC’s second largest oil producer, plans to invest US$3 billion in Basra Gas Company in the next five years.

Iraq has been seeking to increase natural gas production for local power generation, and it also hopes to reduce the amount of natural gas lost due to flaring.

Iraq’s Ministry of Petroleum, Ihsan Abdul Jabbar, said: “We hope to increase the production of natural gas to 1.

The minister explained that, given the government’s commitment to ensure all gas payments from Basra Gas Company, investment projects are crucial.

Basra Gas Company is a joint venture of the Iraqi government, Shell and Mitsubishi Corporation.

According to data from BP's "Energy Statistics Review 2020", the country's natural gas consumption in 2019 averaged 19.

Cao Haibin excerpted from Anadolu News

The original text is as follows:

Iraq to invest $3 billion to prop up Basra Gas Company

Iraq, OPEC's second-largest oil producer, plans to invest $3 billion in Basra Gas Company over the next five years to boost gas production capacity, Iraqi News Agency (INA) reported on Monday.

　　Iraq has been looking to boost its gas production for local power generation and also to limit the volume of gas lost to flaring.

　　"We are seeking to reach 1,400 million cubic meters of gas through this investment," Iraq's Oil Minister Ihsan Abdul Jabbar said.

　　The minister explained that based on a government commitment to secure all payments of the Basra Gas Company gas, investment projects are crucial.

　　Basra Gas Company is a joint venture between the Iraqi state, Shell and Mitsubishi.

　　The country's consumption of natural gas, which averaged 19.