Cabinet suspends approval of major oil export expansion
Political scrutiny of a contract is delaying a subsea pipeline project with the potential to lift export capacity by 500,000 bpd in a year.
Tugboats position a single point mooring (SPM) buoy in the Basra Gulf in January 2012 as Iraq expands its export capacity. (ALI ABU IRAQ/Iraq Oil Report)
Iraq's Cabinet has withdrawn funding approval for a major infrastructure upgrade that would have enabled Iraq to increase southern crude export capacity by half a million barrels per day in just over a year.
In a statement released after its June 20 meeting, the Cabinet said it had “suspended the implementation" of the authorization it granted less than a month ago to approve $417 million funding for the Sealine 3 project, to be led by the Dutch firm Boskalis and the state-run Basra Oil Company (BOC).
This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription.
If you are not a registered user, you may purchase a subscription.
