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The Iraqi Oil Minister talks about the difficulty of investing in gas and discloses four giant energy projects
Shafaq News/ On Sunday, Oil Minister Ihsan Abdul-Jabbar described gas investment as a "late industry" in Iraq, stressing that the French "Total" police will build four giant projects to produce electric power in the oil-rich Basra Governorate, in the far south of the country.
Abdul-Jabbar said in an interview with a number of media outlets, including Shafak News Agency, that "investment in the field of gas is a lagging industry in Iraq, as it always tends to invest its money in projects with quick returns," noting that "the process of disbursement on oil projects can be returned within two months in When the process of spending on gas facilities, it is returned after seven years.”
He added, "The ministry, in partnership with Shell, established the Basra Gas Company (BGC), consisting of (Shell), (Mitsubishi) and the South Gas Company, noting that "the company has achieved successes and transformed Iraq from an importer to an exporter of some products." ".
He also indicated that "the steps after the Basra Gas Company were timid, and the biggest step after that is BGC" is the ministry's contract with the French Total to invest in the field of gas fields," adding that the company "will build four giant energy projects in Basra Governorate, and will enable local residents to obtain electricity through a more sustainable use of the country's natural resources, and reduce gas flaring.
Iraq has huge reserves of oil and gas, and is the second country in the Organization of Petroleum Exporting Countries (OPEC), and oil accounts for more than 90% of its revenues, but it is facing a severe energy crisis and suffers from constant power outages, and it imports dry gas from Iran to operate its plants electrical.
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Abdul-Jabbar said in an interview with a number of media outlets, including Shafak News Agency, that "investment in the field of gas is a lagging industry in Iraq, as it always tends to invest its money in projects with quick returns," noting that "the process of disbursement on oil projects can be returned within two months in When the process of spending on gas facilities, it is returned after seven years.”
He added, "The ministry, in partnership with Shell, established the Basra Gas Company (BGC), consisting of (Shell), (Mitsubishi) and the South Gas Company, noting that "the company has achieved successes and transformed Iraq from an importer to an exporter of some products." ".
He also indicated that "the steps after the Basra Gas Company were timid, and the biggest step after that is BGC" is the ministry's contract with the French Total to invest in the field of gas fields," adding that the company "will build four giant energy projects in Basra Governorate, and will enable local residents to obtain electricity through a more sustainable use of the country's natural resources, and reduce gas flaring.
Iraq has huge reserves of oil and gas, and is the second country in the Organization of Petroleum Exporting Countries (OPEC), and oil accounts for more than 90% of its revenues, but it is facing a severe energy crisis and suffers from constant power outages, and it imports dry gas from Iran to operate its plants electrical.
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