BASRAH, Iraq, Feb. 14 (UPI) -- An Iraqi naval marine unit has taken over security of Iraq's Persian Gulf al-Basrah Oil terminal from coalition forces.
The al-Basrah oil terminal is essential for the country's reconstruction as its exports generate approximately $130 million per day in oil revenues.
Iraqi Navy Commodore Adel addressed earlier security concerns at the facility, commenting, "Last July, merchant ships were afraid to come into our port due to pirating, but that is no longer the case because our squadrons have been successfully patrolling the port."
According to a press release from U.S. Department of Defense analysts believe that if the al-Basrah oil terminal can sustain half of its current export rate that the revenues generated will balance the Iraqi budget by 2008.
In November 2005 Iraqi marines took over the defense of the Kwar Al Amaya Oil Terminal, Iraq's other Persian Gulf export platform, which has an export rate of about one-third of al-Basrah.
Adel said, "The oil platforms are the life blood of our country. It is with great honor that we are now the ones in the lead in protecting them."
