BAGHDAD, South Oil Company signed on Thursday a $ 5.5 million consulting contract with a Japanese company to rehabilitate and develop the Faw oil depot in the province of Basra, 550 km south of Baghdad.
The Director General of the South Oil Company Ihsan Abdul-Jabbar said in a press statement that the Basra Oil Company signed a contract with the Japanese Toyo engineering company worth 5.5 million dollars to rehabilitate and develop the FAO's oil reservoir and expand its capacity.
He added that "the contract includes the evaluation and study and the preparation of tender documents integrated to qualify and develop the FAO oil warehouse in order to keep up with the plan of the Ministry of Oil to secure quantities of crude oil exported to international markets and enhance the country's export capabilities of southern ports."
Iraq is seeking to increase its export capacity of crude oil next year to reach 4 million and 880 thousand barrels per day.
Source: National Iraqi News Agency