Major Plans to Boost Iraq Oil-Exporting Capacity

By John Lee.

Iraq is reportedly ramping up efforts to expand capacity to pump and export oil.

Ihsan Abdul Jabbar, the director-general of state-run Basra Oil Company, told Bloomberg that Iraq is seeking bids from six companies for a $4-billion project to inject seawater into its southern oil fields, and the country has already received bids from five companies interested in building a processing facility to double output at the Majnoon field to 450,000 bpd.

He added that Iraq is also studying a proposal from a Dutch company to build a 10 million-barrel storage facility and an oil-exporting terminal with a capacity of 2 million barrels a day on an artificial island off the coast.

More here from Bloomberg.

(Source: Bloomberg)