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Iraq to invest $3bn in Basra Gas Company

This picture shows gas flares at the Basrah Gas Company's (BGC) facilities in Basra on February 11, 2019 [HUSSEIN FALEH/AFP via Getty Images]
This picture shows gas flares at the Basrah Gas Company's (BGC) facilities in Basra on February 11, 2019 [HUSSEIN FALEH/AFP via Getty Images]

Iraq intends to invest $3 billion in the Basra Gas Company over the next five years, local media reported.

The company said in a statement yesterday that the investment plan will provide about 2,000 jobs during the project's construction period, noting that it started exporting cooking gas in 2016.

Iraq's Oil Minister, Ihsan Abdul Jabbar Ismail, said in a statement that Baghdad intends to reach 1,400 million cubic metres of gas through this investment, adding that the investment will increase the company's gas production capacity by 40 per cent.

Last month, Ismael met with Egyptian Ambassador to Baghdad, Ahmed Ismail, and discussed the Basra-Aqaba oil pipeline project and the possibility of expanding the project to Egypt.

READ: Prices will not drop to under $65 per barrel, says Iraq oil minister

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