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Cabinet approves the establishment of Basra Gas Company in partnership with Shell and Mitsubishi
15/11/2011 PM - 3:26 p.m. | Hits: 54
And approved by the Iraqi cabinet on Tuesday, the establishment of Basrah Gas Company in partnership with Shell and Mitsubishi to address the gas associated with oil from the fields of Rumaila, Zubair, West Qurna, as he emphasized that the government will be income tax worth 35% and the import duty value of 5% paid to the state treasury.
The Minister of State, Iraqi government spokesman Ali al-Dabbagh said in a statement issued today, said that "the Council of Ministers approved the establishment of Basrah Gas Company, which will address the associated gas for Taft from the fields of Rumaila, Zubair, West Qurna partnership between the South Gas Company, owned by the Ministry of Oil by 51% and the two Royal Dech Shell by 44% and Mitsubishi of Japan by 5%. "
Dabbagh said that "the project includes the rehabilitation of existing facilities to the South Gas Company in Basra and the establishment of new facilities for collecting and processing the gas to contribute to the last phase of the first asset-based-owned company is to cover its share in cash stage later, with the possibility to submit to the foreign partner a loan of one billion dollars to finance part of the capital of the South Gas Company. "
Ali al-Dabbagh said the "investment value of the project amounting to $ 17 billion for 25 years, with total installed capacity of the proposed project would be around 2000 million standard cubic feet a day," pointing out that "the Iraqi government will impose income tax worth 35% and import duty on the value of 5% paid to the Treasury state and the export duty of 1% paid to the Oil Marketing Company (SOMO) on the work of Basra Gas Company. "
Preliminary estimates indicate that Iraq possessed stockpiles estimated at 112 trillion cubic feet of gas, but that 700 million cubic feet a day of it burning and wasting due to lack of infrastructure.
The Iraqi Council of Ministers agreed in June of last year 2010, to open the door of investment associated gas produced in the southern oil fields near Basra, at a cost of up to $ 12 billion, the government owns a share of 51 percent.
And approved as prime minister during June of last year 2010, the establishment of Basrah Gas Company with the participation of the South Gas Company by 51%, and Shell and Mitsubishi 49%, according to the economic model developed by the Oil Ministry on the basis of the agreement of principles signed between them and Shell for the treatment of associated gas produced from Rumaila, Zubair, West Qurna, Majnoon, while the initial agreement was signed for the establishment of the company between the Ministry of Petroleum and Shell in September of 2008.
The Ministry of Oil that the associated gas that is produced by the company will be allocated in the first-class processing power plants, petrochemical plants, while the surplus will be sold out.
Offered to the oil ministry in May of last year, 2010, three gas fields to foreign investment which fields Mansourieh Saybah and crutch, what would be the companies that will develop the oil fields are obliged to prevent burning of any quantity of gas associated with oil, as would be required to build facilities for the manufacture of associated gas, and handed over to Iraq without charge.
Cabinet approves the establishment of Basra Gas Company in partnership with Shell and Mitsubishi
15/11/2011 PM - 3:26 p.m. | Hits: 54
And approved by the Iraqi cabinet on Tuesday, the establishment of Basrah Gas Company in partnership with Shell and Mitsubishi to address the gas associated with oil from the fields of Rumaila, Zubair, West Qurna, as he emphasized that the government will be income tax worth 35% and the import duty value of 5% paid to the state treasury.
The Minister of State, Iraqi government spokesman Ali al-Dabbagh said in a statement issued today, said that "the Council of Ministers approved the establishment of Basrah Gas Company, which will address the associated gas for Taft from the fields of Rumaila, Zubair, West Qurna partnership between the South Gas Company, owned by the Ministry of Oil by 51% and the two Royal Dech Shell by 44% and Mitsubishi of Japan by 5%. "
Dabbagh said that "the project includes the rehabilitation of existing facilities to the South Gas Company in Basra and the establishment of new facilities for collecting and processing the gas to contribute to the last phase of the first asset-based-owned company is to cover its share in cash stage later, with the possibility to submit to the foreign partner a loan of one billion dollars to finance part of the capital of the South Gas Company. "
Ali al-Dabbagh said the "investment value of the project amounting to $ 17 billion for 25 years, with total installed capacity of the proposed project would be around 2000 million standard cubic feet a day," pointing out that "the Iraqi government will impose income tax worth 35% and import duty on the value of 5% paid to the Treasury state and the export duty of 1% paid to the Oil Marketing Company (SOMO) on the work of Basra Gas Company. "
Preliminary estimates indicate that Iraq possessed stockpiles estimated at 112 trillion cubic feet of gas, but that 700 million cubic feet a day of it burning and wasting due to lack of infrastructure.
The Iraqi Council of Ministers agreed in June of last year 2010, to open the door of investment associated gas produced in the southern oil fields near Basra, at a cost of up to $ 12 billion, the government owns a share of 51 percent.
And approved as prime minister during June of last year 2010, the establishment of Basrah Gas Company with the participation of the South Gas Company by 51%, and Shell and Mitsubishi 49%, according to the economic model developed by the Oil Ministry on the basis of the agreement of principles signed between them and Shell for the treatment of associated gas produced from Rumaila, Zubair, West Qurna, Majnoon, while the initial agreement was signed for the establishment of the company between the Ministry of Petroleum and Shell in September of 2008.
The Ministry of Oil that the associated gas that is produced by the company will be allocated in the first-class processing power plants, petrochemical plants, while the surplus will be sold out.
Offered to the oil ministry in May of last year, 2010, three gas fields to foreign investment which fields Mansourieh Saybah and crutch, what would be the companies that will develop the oil fields are obliged to prevent burning of any quantity of gas associated with oil, as would be required to build facilities for the manufacture of associated gas, and handed over to Iraq without charge.