Iraq plans to enhance crude oil exports from the southern ports by constructing a new maritime pipeline that will have a capacity of two million barrels and cost more than $416 million.
The Director General of the Basra Oil Company (BOC), Basem Abdul-Karim, told the government newspaper Al-Sabah on Sunday that the pipeline is the third of its kind in the Iraqi ports in Basra governorate to support Iraqi oil exports.
Abdul-Karim explained that the Oil Ministry is currently negotiating with the Dutch company Boskalis to put the finishing touches on the contract to carry out this pipeline from Al-Faw warehouses to Al-Faw Port in Basra.
The Iraqi official clarified that this project would assist in increasing the export capacity of the port of Basra and the Al-Faw oil depots to five million barrels per day by the end of 2025.
Abdul-Karim also elaborated that Iraqi crude oil export rates from southern ports are currently stable at a daily cap of 3.4 million barrels, produced by oil companies in the governorates of Basra, Maysan, and Dhi Qar.
Crude oil production levels from oilfields in Basra governorate alone reach 3.25 million barrels per day.