• 2 days Court rules DOE to implement Obama efficiency rules
  • 5 hours DOA to invest $6.5M in coal industry
  • 6 hours US to hold largest oil and gas lease sale in its history
  • 1 day Tillerson Seeks A Deal With Erdogan On Syria
  • 1 day White House considering steel and aluminum tariffs
  • 2 days Iraq Seeks $100 Bln to Rebuild Economy
  • 2 days Allegedly the Search For Aliens is Struggling Thanks to Cryptocurrency Mania
  • 4 hours New Rules to Phase Out Coal and Reduce Natural Gas in Canada
  • 2 days Amazon reaches $1.2 million settlement with EPA over illegal pesticide sales
  • 5 hours White House Not Even Close to Regulating Bitcoin Yet
  • 1 day U.S. Bancorp hit with $613M in penalties
  • 5 hours Experts said US losing ground to China on AI
  • 2 days Australia's solar power boom to double in a year
  • 2 days US intelligence warn against Chinese phones
  • 2 days Electric Buses to Reach Half of World Fleet by 2025
  • 2 days How Good Is Putin's Word?

Iraq Seeks $100B Investments To Revive Oil, Transport Sectors

Iraq

Iraq is looking to attract US$100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year war against the militants.

In December last year, Iraq declared the war with ISIS over and is now seeking foreign investments in major projects that would help it to revive its economy, which has also been hurt by low oil prices.

Ahead of a conference on Iraq’s reconstruction that will be held in Kuwait next week, Iraq’s National Investment Commission published a list of major strategic projects available for investment, with 157 different opportunities up for grabs.

A total of 18 investment opportunities are up on offer in the chemicals, petrochemicals, fertilizers, and refinery sectors.

Iraq—OPEC’s second-largest oil producer behind Saudi Arabia—will be looking to attract investment mostly in the downstream, planning the construction of new refineries with different capacities, including one at the Al-Faw Port with a 300,000-bpd capacity. The other refinery projects are a 150,000-bpd refinery in the Anbar province and a new Al-Nasiriy refinery in Thi Qar province with a production capacity of 150,000 bpd.

Iraq also plans oil storage facilities in the provinces Basra, Mosul, and Saladin.

Related: LNG: Glut Today, Shortage Tomorrow

According to the Kuwait Chamber of Commerce & Industry, Iraq will present at the conference next week feasibility studies for 60 key investment projects with total amount exceeding US$85 billion.     

Railways, airports, and ports construction, reconstruction, and rehabilitation are also high on Iraq’s investment opportunities list, including berths for oil products exports and imports at the US$6-billion project for the Grand Port of Al Faw at Basra.

Iraq will probably find investments into the oil industry and agriculture easiest to attract because of its large crude oil reserves and available land and water, Mudhar Saleh, an economic advisor to Iraqi Prime Minister Haider al-Abadi, told Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Mamdouh G Salameh on February 09 2018 said:
    Iraq’s oil industry was devastated by three wars between 1979 and 2003 followed by internal strife and now requires billions of dollars of investment for rehabilitation. This is absolutely essential if Iraq were to realize its huge potential. Of particular need is the upgrading of its infrastructure and the expansion of pipelines and oil-export terminals on the Gulf and also establishing political stability in the country.

    The only available oil-export pipeline is the Iraqi-Turkish pipeline (ITP) from Kirkuk to Ceyhan on the Turkish Mediterranean coast with capacity of 1.6 million barrels a day (mbd) but it is currently out of action. Iraq’s oil ministry announced that it is planning to build a new pipeline to replace the ITP.

    Iraq should also give priority to extending the Iraq strategic oil pipeline to the Jordanian port of Aqaba on the Red Sea, possibly with similar capacity to the ITP.

    And with Iraq’s oil production currently at almost 5 mbd and projected to rise to 6-7 mbd by 2020/21, Iraq needs urgently to expand its export capacity through new export pipelines and terminals on the Gulf beyond the current capacity of 3.8 mbd.

    Dr Mamdouh G Salameh
    Intwrnational Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Bill Simpson on February 09 2018 said:
    Get it from Bush and Cheney.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News