Iraq’s Basrah Gas Co. signed a deal with the International Finance Corporation (IFC) for a loan to finance a project to limit the flaring of natural gas, the state-run Iraqi News Agency reported on Tuesday.

Iraq continues to flare some of gas extracted alongside crude oil because it lacks the facilities to process it into fuel for local consumption or exports.

Gas flaring costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most of needs for gas‐based power generation, according to the World Bank.