Floating oil island will handle Iraq's expected spurt in exports

Now that OPEC has approved an increase in oil production, Iraq expects to boost its exports significantly, and to accommodate that increase, South Oil Co. will develop a floating oil island.
A picture taken on May 31, 2015 shows Iraqi flags fluttering in front of a tank for oil at al-Fao (also spelled al-Faw) storage terminal, located on the al-Fao Peninsula, south of the Iraqi province of Basra. AFP PHOTO / HAIDAR MOHAMMED ALI (Photo credit should read HAIDAR MOHAMMED ALI/AFP/Getty Images)
Iraqi flags fluttering in front of a tank for oil at al-Faw storage terminal, located on the al-Faw Peninsula, south of the Iraqi province of Basra, Iraq, May 31, 2015. - HAIDAR MOHAMMED ALI/AFP/Getty Images
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Adnan Abu Zeed
@adnanabuzeed
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The South Oil Co. (SOC), based in Basra, Iraq, will establish a floating oil island off the coast of al-Faw Peninsula to increase its export capacity by as many as 2 million barrels a day.

The company announced the project June 14 in anticipation of a surge in Iraqi oil exports to reach 5-6 million barrels per day. Indeed, OPEC on June 23 approved an increase in crude oil output to meet growing demand.

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