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Ministry of Oil: Gas investment rates will rise to 70% by the end of this year
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Baghdad Today - Baghdad
The Ministry of Oil announced, today, Wednesday, September 4, 2024, that gas investment rates will rise to 70% by the end of this year.
A statement by the ministry, received by "Baghdad Today", stated that "the Undersecretary of the Ministry for Gas Affairs, Izzat Saber Ismail, opened the second berth for exporting condensates and liquefied gas at the Umm Qasr Port in Basra."
The statement quoted Ismail as saying, "The dock will provide flexibility in the export operations of liquefied gas and condensates, which currently amount to 50 tons per month, and it is hoped that by the beginning of 2025 it will reach 80 tons per month, noting that with the increase in production rates it will reach 125 tons per month."
He added, "The Ministry of Oil is implementing a number of strategic projects to invest associated gas in a number of oil fields," noting that "gas investment rates will rise to 70 percent by the end of this year."
For his part, the Director General of the Southern Gas Company, Hamza Abdul-Baqi, said, "The Ministry is implementing a number of promising projects to invest in gas, and thanks to the joint efforts with the Basra Gas Company, surplus rates have been achieved for the local need for consumption of liquefied gas (LPG), and this gas is different from the gas that is imported to operate power generation stations or that is used in petrochemical industries, cement industries, and others."
The Managing Director of Basra Gas Company, Kazim Port, explained that “the second berth includes four loading arms, which provide flexibility and increase in export operations for the second berth,” noting that “two arms have a capacity of 2,400 cubic meters per hour to load the materials (butane and propane), and two arms have a capacity of 4,800 cubic meters per hour to load condensates, compared to 500 cubic meters per hour, the capacity of the third berth from which exports are currently taking place.”
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