Iraq To Invest $500 Billion Into Energy Projects By 2030: Minister
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Iraq plans to spend close to $500 billion over the next eighteen years on energy-related projects and industries, said Deputy Prime Minister for Energy Hussain al-Shahristani on Sunday, in the hopes of generating around 250,000 jobs for its citizens and around $6 trillion in revenues by 2030.
Speaking during an investment conference for British businessmen in Baghdad, al-Shahristani said that around $80 billion of the sum would be provided by the private sector, while the rest of the cash would be generated through government borrowing and oil revenues.
Iraq plans to spend close to $500 billion over the next eighteen years on energy-related projects and industries, said Deputy Prime Minister for Energy Hussain al-Shahristani on Sunday, in the hopes of generating around 250,000 jobs for its citizens and around $6 trillion in revenues by 2030.
Speaking during an investment conference for British businessmen in Baghdad, al-Shahristani said that around $80 billion of the sum would be provided by the private sector, while the rest of the cash would be generated through government borrowing and oil revenues.
“As for investment opportunities; investments between now and 2030 in the energy sector and linked industries will amount to about $500 billion, of which 80 billion is expected to come from the private sector,” al-Shahristani said, as cited by Reuters.
[quote]”That investment is expected to generate about $6 trillion in revenues for the government, mostly from oil exports,” the energy minister added.[/quote]This year, Iraq once again began producing more than 3 million barrels of oil per day (bpd) – the first time it has done so in three decades. The country hopes 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.
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Still, the nation’s energy industry remains plagued by violence; though the level of sectarian strife has reportedly eased considerably since 2006-2007.
The Arab nation now hopes to also generate up to 22 gigawatts in electricity by 2016, which will enable it to satisfy its domestic demand, said al-Shahristani at the conference.
“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,” he added, noting that the ministry also had plans to exploit solar energy in the future.
[quote]”There are invitations for companies to build solar power stations in remote desert areas and this is part of the set plan to develop the power sector in Iraq,” he said.[/quote]Related: Iraq: Mixed Opportunities, Messy Outlook? (Part I: The Road To Entrapment)
Related: Iraq: Mixed Opportunities, Messy Outlook? (Part II: Not Quite A Dreamland Yet)
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