New life for Iraq’s southern oil export expansion
A $417M subsea pipeline project that was funded and then suspended over the past two months has gotten Cabinet approval again, with a half million barrel per day capacity increase slated for next 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 once again approved funding for a major export infrastructure upgrade that would increase southern crude export capacity by half a million barrels per day in just over a year, after suspending a previous authorization following opposition to the project contract.
Ministers on Tuesday re-approved the $416.9 million “Sealine 3” subsea crude oil export pipeline project, to be carried out by Dutch firm Boskalis and funded by a Japanese loan under the purview of the state-owned Basra Oil Company (BOC), according to a Cabinet statement.
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