Iraq to invest $3bn over five years in the Basrah Gas Company

Iraq to invest $3bn over five years in the Basrah Gas Company

Iraq, Opec's second largest oil producer, plans to invest $3 billion in the Basrah Gas Company over the next five years as it plans to ramp up gas production capacity.

"We seek to reach 1,400 million cubic metres of gas through this investment," oil minister Ihsan Abdul Jabbar Ismael said in comments reported by Iraqi News Agency.

"The investment in the company will increase its gas production capacity by 40 per cent," he said, adding that gas investment projects are good for other industries.