BREAKING NEWS

Iraq plans to expand oil export facilities

By REUTERS

JUNE 5, 2011 20:44

KHOUR ABDULLAH, Iraq - Iraq's plan to increase its oil production capacity to 12 million barrels per day by 2017 will be matched by expanded export facilities, Deputy Prime Minister Hussein al-Shahristani said on Sunday.

The expansion project underway in the southern Basra oil region involves building two marine pipelines and one onshore pipeline and installing four single point moorings (SPMs) for loading oil tankers at a total cost of about $1.3 billion, Shahristani told reporters.

During a three-day visit to southern oil fields and facilities, the deputy prime minister said on Saturday Iraq expected its oil output to rise to 3 million bpd by the end of this year and saw it growing an additional 500,000 to 1 million bpd next year.

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