Iraq to invest $3bn in Basra Gas Co. over five years

Iraq to invest $3bn in Basra Gas Co. over five years

,RIYADH: Iraq plans to invest $3 billion in the Basra Gas Company over the next five years, the Iraqi News Agency reported on Monday.

“The aim is to increase gas production capacity by 40 percent as we seek to reach 1,400 million cubic meters of gas,” Oil Minister Ihsan Abdul Jabbar told reporters.

“Basra Gas Company is currently in an excellent situation and there is a government commiment to provide the dues,” he said.

The investment plan will provide about 2000 jobs during the construction period of the project, the company said.

Iraq is also boosting its domestic cooking gas supplies, with the Basra Gas Company now accounting for 80 percent of supplies in the country.

Updated 4 min 28 sec ago

Frank Kane

Vision 2030 reforms fuel Saudi recovery from coronavirus pandemic, IMF says

Saudi Arabia responded “quickly and decisively” to COVID-19

Economy expected to grow by 2.1 percent this year and 4.8 percent in 2022

Updated 4 min 28 sec ago

Frank Kane

May 03, 2021 22:48

DUBAI: The Vision 2030 strategy has helped the Saudi economy beat the pandemic recession, with growth projected to rise to nearly 5 per cent next year, according to the latest assessment from the International Monetary Fund.

In an upbeat analysis of the Kingdom’s prospects for