The Iraqi Oil Ministry announced on Tuesday plans to establish a natural gas extraction company in Basra in collaboration with Shell, according to reports from AKnews.
Ministry spokesman Assem Jihad told the agency that the joint venture would extract the gas from the fields in Basra to power electrical generators.
"The company will seek to reach a daily production of 700m cubic feet of gas for use in electricity generation, and thus electricity will improve markedly,” he said.
Surplus gas will be exported, contributing to the venture’s profitability.
"There have been offers from many investment companies to invest in gas extraction,” he explained, “especially since Iraq is seeking to ensure its production of gas and oil meets international standards."
Meanwhile, Basra's local government has announced the creation of a new 500MB gas-fired power station.
(Source: AKnews, National Media Center)
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