Iraq starts condensates export, helping pay off debt
The first gas condensates exports from the Basra Gas Company is a benchmark for the venture and also helps pay down debt to Shell.
The Panamanian-flagged Cora loads naphtha – also called natural gasoline, natural benzene, and condensates – at Khor al-Zubair on March 20, 2016, marking the first export of gas products for Iraq. (ALI AL-AQILY/Iraq Oil Report)
BASRA - Iraq loaded its first tanker of exports of condensates over the weekend, a milestone for the country's new gas processing facilities, to be followed soon by the start of liquefied petroleum gas (LPG) exports, all of which will help the country pay down its debt owed to Royal Dutch Shell.
Shell has a 44 percent stake in the Basra Gas Company (BGC), which processes gas that's a byproduct in the oil production process and is normally flared in Iraq. By the end of last year, the company was owed $500 million.
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