Iraq plans spending boost to help oil and other industries
Iraq is planning huge investment in the oil sector
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Iraq will invest around $500 billion in energy and linked industries with the help of the private sector by 2030, generating around $6 trillion in revenues, said a report.
The growth generated would create around 250,000 jobs for the war-torn country, which is trying to rebuild its economy after years of violence and economic sanctions, Hussain Al Shahristani, Deputy Prime Minister for Energy, was quoted as saying in a report in our sister publication, the Gulf Daily News.
"As for investment opportunities; investments between now and 2030 in the energy sector and linked industries will amount to about $500bn, of which 80bn is expected to come from the private sector," Shahristani said.
"That investment is expected to generate about $6trn in revenues for the government, mostly from oil exports," he said during an investment conference for British businessmen.
The Opec member has the world's fourth-largest oil reserves and is producing more than three million barrels per day (bpd) for the first time in three decades. It has ambitions to double that figure over the next three years thanks to investment by a number of oil majors including BP, Shell, Exxon Mobile, Italy's Eni, Russia's Lukoil.
Shahristani also talked about the ministry of electricity's plan to upgrade and build new power projects to solve chronic power shortages. "Power generation capacity is expected to reach 22 gigawatts to meet demand in 2016," Shahristani said.
Shahristani said the ministry planned to exploit solar energy, currently rare in Iraq expect for lighting on some of its main streets. "There are invitations for companies to build solar power stations in remote desert areas."