Iraq to Invest $3bn in Basra Gas Company

By John Lee.

Iraq's Oil Minister, Ihssan Abdul-Jabbar Ismail (pictured), has said that Iraq will invest $3 billion in the Basra Gas Company (BGC) over the next five years, as it pushes ahead with plans to increase gas production.

The money will fund projects intended to increase BGC's gas production capacity from 1,000 to 1,400 million standard cubic feet per day this year, and further to 2,400 million standard cubic feet per day by 2025.

There will also be an increase this year in the quantities of LPG, up from 30,000 tons to 70,000 per month.

(Source: Ministry of Oil)

The post Iraq to Invest $3bn in Basra Gas Company first appeared on Iraq Business News.

Video: Iraq Struggles to switch to LPG

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

Iraq struggles to switch from use of imported fuel to national gas

The Iraqi government is trying to get people to switch from imported fuel to locally produced gas.

All new public transport vehicles must run on liquefied petroleum gas or LPG.

But despite awareness campaigns and government subsidy, users are reluctant to move away from traditional fuel.

Al Jazeera‘s Osama Bin Javaid reports from Baghdad: