Basra Investments Commission demands lands for oil

  BASRA / IraqiNews.com: Southern Iraq’s Basra Province ’s Investment Commission has discussed with officials of the state-owned Southern Oil Company to reach means of joint cooperation, in order to achieve “logistic” projects for investment by foreign investment companies for the achievement of new oil projects.   “The Chairman of Basra Investment Commission, Khalaf al-Badran, has discussed with the Director of the Southern Oil Company means for joint cooperation to get further oil territories for their logistic investment chances, along with coordination with foreign investment companies to achieve logistic support for the oil companies,” the Commission’s media source reported on Tuesday.   Badran said that three leading international companies have expressed wish to build projects to store oil and fuel transportation close to oil terminals and to hammer down the obstacles and to coordinate with the Iraqi State Organization for Marketing of Oil (SOMO) to conclude agreements to ship and store fuel and establish new oil service projects.   The source said that the Director of the Southern Oil Company, Dhia al-Moussawi, has expressed readiness for cooperation with the Investment Commission and to offer investment opportunities by his company by foreign investment companies.   “The said plan shall be a promising marketing for the oil pipelines, due to the need of the Oil Ministry to expand oil pipelines in Iraq , whilst the local manufacture of such projects would be more economic,” he added.   Iraq ’s Oil Ministry or its Southern Oil Company are in control on the majority of Basra ’s territories, according to the Law on Projection of Hydrocarbon Fortunes, issued in Iraq in the 1980s.   Basra , the center of Basra Province , is 590 km to the south of Baghdad .   SKH (RT) 271