Monday, Nov 29, 2010
LONDON (Dow Jones)--Iraq's southern Basra governorate will receive around $750 million this year from exports of crude oil produced in the governorate, the governor of Basra said Monday.
Shiltagh Aboud told an oil conference in London that the money would be used to rebuild the governorate's infrastructure, which has been hit hard by wars and lack of investment.
The Iraqi parliament last year issued legislation to pay $1.00 for each barrel of oil produced by and exported from any Iraqi governorate.
Basra contributes some 70% of Iraq's total oil production and contains some of Iraq's largest producing oil fields.
Earlier, Iraqi government spokesman Ali Al Dabbagh said that Iraq made up to $230 billion from oil sales over the last five years.
-By Hassan Hafidh; Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com
(END) Dow Jones Newswires
29-11-10 1811GMT
