,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.