• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 7 mins China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 15 hours Iran Is Winning Big In The Middle East
  • 2 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 4 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 17 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 16 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 1 day OPEC will consider all options. What options do they have ?
  • 1 day Trump cancels Denmark visit amid spat over sale of Greenland
  • 13 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 14 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 1 day Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 9 hours Recession Jitters Are Rising. Is There Reason To Worry?

Iraq to Invest $500 Billion in Energy Sector

At a recent conference, Iraq’s Deputy Prime Minister for Energy, Dr. Hussain al-Shahristani, announced that his government plans to invest around $500 billion in the energy sector and linked industries by 2030.

They hope that $80 billion will be provided by the private sector, and believe that the investment will “generate about $6 trillion in revenues for the government, mostly from oil exports,” and create 250,000 new jobs.

Iraq boasts the world’s fourth largest oil reserves and is currently producing more than 3 million barrels a day for the first time in 30 years. The OPEC member state, which is now experiencing a period of relative peace compared to the war-torn violence that has afflicted it over recent decades, wishes to increase production by more than 100 percent, using investments by BP, Shell, Exxon Mobile, Eni, and Lukoil.

Dr. Shahristani also mentioned that the Ministry of Electricity has plans to upgrade its power projects and build new ones, in an attempt to prevent electricity blackouts which presently occur several times a day, and mean that millions of Iraqi citizens only have power for 8-10 hours a day.

One of the schemes intended to encourage investment in Iraq’s energy sector is an invitation to companies “to build solar power stations in remote desert areas.”

He said that “power generation capacity is expected to reach 22 gigawatts to meet demand in 2016,” and states that “the ministry of electricity is also planning to upgrade the existing and the new gas turbine stations from single to combined cycle to increase power to about 30 gigawatt in 10 years.”

The Deputy Prime Minister, Dr Rowsch Shaways, also spoke at the conference, stating that, “my goal is to bring life to our economy to achieve a proper standard of living for our people and enable Iraq to take its place in the world community.”

“The Iraqi people deserve the best and we are seeking assistance from nations like Britain. We need to get away from the state doing everything. The Iraqi market is promising and it is broad and thirsty for investment.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play