Basra .. The establishment of an oil island floating in the territorial watersBy [You must be registered and logged in to see this link.] two hours ago
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Undersecretary of the Ministry of Oil for Extraction Fayadh Hassan announced that the Iraqi government has agreed to establish a "floating oil island" in the territorial waters of Basra province.
"The prime minister agreed to establish an oil island in the territorial waters south of Basra oil port," Hassan said in a statement.
He explained that the aim of the step is to "raise the export capacity from the south to 3 million barrels of oil per day (of about two million barrels from the port of Basra now)."
He pointed out that "the oil island will provide maritime services for ships and vessels."
Iraq currently produces about 4.5 million barrels of oil per day, with an average of 3.2 million exports, while seeking to increase its production above 5 million.
Iraq relies on its annual financial revenues to export oil by up to 97%, and seeks through a package of legal legislation, to activate the industrial, agricultural and commercial, to ensure the provision of additional financial revenues, in addition to oil revenues.
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