Feb 13 2012 |
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New Iraqi oil terminal to boost export capacity
By Ammar al-Saleh BASRA - Iraq has opened a new crude oil terminal in Basra that aims to increase the province's export capacity by about 300,000 barrels per day.Reuters quoted chairman of the Iraqi Southern Oil Company Diyaa Jafar saying that the country's oil exports will increase by 300,000 barrels per day once exports begin from the terminal in the next 10 days. Exports currently stand at around 1.7m barrels per day and the terminal's full capacity will be 900,000 barrels per day.
Spokesman for the oil ministry Assem Jihad said the new terminal, located about 60km off Iraq's coast, is the first of five export facilities designed to increase oil exports to five million barrels per day. Iraq plans to expand export facilities in the south of the country at a cost of $1.3bn.
The second terminal is due to be launched in the next couple of months.
Basra province, 550km south of Baghdad, is the center of the oil industry in Iraq and includes two-thirds of oil reserves in the country.
The news follows claims from the governor of Basra that oil wealth in the province is a "curse" on the local population.
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