Japan to lend Iraq $3.5 bn for oil, gas projects

[ECH1969]

Japan, which imports 99% of its oil, will lend Iraq $3.5 billion to finance three projects in southern Iraq aimed at helping the conflict-stricken country boost exports.

Japan and Iraq, which holds the world’s third largest oil reserves, will sign an agreement including the financing deal on Tuesday, Hosaka said.

Iraq aims to boost crude oil production to almost 3 million barrels a day by the end of the year from 2.4 million barrels, the country’s oil minister Hussain al-Shahristani said. The current output is 100,000 barrels a day higher than the level in mid-September.

Oil production in Iraq peaked in December 1979 at 3.7 million barrels a day, according to the Energy Information Administration.

http://www.financialexpress.com/fe_full_story.php?content_id=144336

[truthisfreedom]

1. jeepers! not necessarily the best business move, but heck, kudos to Japan

for having the guts to try this.

[physioex]

2. Let's start taking bets on how quickly that money gets embezzled.....EOM