Basrah Gas signs loan agreement with IFC for project to limit gas flaring

An Iraqi national flag flies in front of excess gas as its being burnt off in the newly opened section of an oil refinery in the Zubair oil field southwest of Basra in southern Iraq on March 3, 2016. (AFP)

SULAIMANI (ESTA) — Iraq’s Basrah Gas Co. signed an agreement with the International Finance Corporation for a loan to fund a project to limit the flaring of natural gas, the state-run Iraqi News Agency reported on Tuesday.

Iraq continues to flare some of gas extracted alongside crude oil because it lacks the facilities to process it into fuel for local consumption or exports.

Gas flaring costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most of needs for gas‐based power generation, according to the World Bank.

(Esta Media Network/Reuters)

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