Iraq to Add 300,000 Barrels a Day of Capacity in 2011, Shahrastani Says
Iraq plans to add capacity next year to produce 300,000 barrels of oil a day, Minister Hussain al- Shahristani said.
The country, the only OPEC member not subject to production quotas, also will present a draft agreement to the Iraqi cabinet for a gas joint venture with Royal Dutch Shell Plc by the end of the year, al-Shahristani told reporters today before the beginning of closed-door talks.
Shahristani said he expects the first of three single-point moorings for loading crude in the Persian Gulf to be operating by the end of next year. All three will be ready by the end of 2012, adding combined capacity of 3 million barrels a day and bringing the export capacity of southern Iraq to 5 million barrels a day.
To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net
To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net
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