Iraq plans to increase oil storage capacity to 7.8 million barrels per day

[dflake]

Iraq plans to increase oil storage capacity to 7.8 million barrels per day

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19/03/2011

Basra / With

A source in the Iraqi Southern Oil Company that Iraq intends to strengthen its capacity to store oil to reach 7.8 million bpd by the end of this year in light of the implementation of major plans to increase crude oil production and exports.

Nader said Adi Engineer in the company in a press statement: "The Iraq build eight new tanks in the Faw peninsula in the south of the country which will add the storage capacity of 2.8 million barrels per day to the current capacity of Iraq, which amounts to five million barrels a day." He added: "The company is implementing an ambitious project in two phases to increase the export capacity from southern ports." He continued: "The company adopted eight tanks Card 2.8 million barrels per day and will be completed by the end of this year and also builds eight other reservoirs in the same energy and will be completed by the end of next year." Nader said: "The work in the establishment of two ports to export oil in the south goes forward." Iraq seeks to establish four new floating ports, at least. This will raise the export capacity from Basra to 4.5 million bpd by the end of this year from 1.9 million barrels per day at the moment. Iraq plans to increase storage capacity to 50 million barrels by the end of 2012 to keep pace with the expected boom in production and because he wants to increase the types of raw materials which are issued. End

[tjmunson]

WOW....That is incredible progress if they can pull it off. Almost 8 million bpd by end of this year would be nothing short of amazing. Thanks for the post dflake

[gene45750]

Hopefully it won't take them as long to build the storage facilities as it has to seat the security ministers.

[GaryB]

Remember that would be almost 8 MBPD of STORAGE capacity (not distributed) on their way to an eventual planned 50.