Basrah Gas Company (BGC) has secured a $360mn five-year loan arranged by the World Bank’s International Finance Corporation (IFC) to finance its Basrah NGL (BNGL) gas processing expansion project.

BGC (South Gas 51%, Shell 44%, Mitsubishi 5%) currently has capacity to process 1bn cfd of associated gas produced from Iraq’s first licensing round (LR1) fields: Rumaila, Zubair and West Qurna-1. The two-train BNGL expansion project will bring BGC capacity up to 1.4bn cfd. Both 200mn cfd trains will be located at Ratawi (see map, MEES, 2 July), and IFC says the expansion project is estimated to cost $1bn. (CONTINUED - 883 WORDS)