Iraq oil production to ramp up

Thursday, May 19, 2011 - 6:51pm

Four new floating oil terminals and three undersea oil pipelines are being installed to help boost Iraq's oil output.

Iraq has signed several contracts with foreign companies to ramp up crude production to 12 million barrels a day by 2017.

Iraq has some of the world's largest oil reserves, but lack of infrastructure, economic neglect and sanctions have hurt the country's oil sector.

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