Iraq looking for $50bn spend in oil industry
Iraq looking for $50bn spend in oil industryGulf Times - [7/13/2009]
Iraq, holder of the world’s third- largest crude oil reserves, needs more than $50bn of investments in the country’s petroleum industry in the next five to six years, Oil Minister Hussain al-Shahristani said.
The country plans to increase its crude oil production to 6mn bpd by the end of 2015, from the current 2.4mn barrels, the minister said in Tokyo yesterday. Iraq also aims to almost triple its refining capacity to 1.5mn bpd by 2017 from 540,000 barrels at present.
Iraq, whose oil industry accounts for about 65% of gross domestic product, is seeking to attract foreign investors to help boost output after six years of conflict and prior sanctions destroyed its infrastructure. In separate bidding for engineering contracts for Nassiriyah oil field, Iraq has asked Eni, Italy’s largest energy company, and a Japanese group comprising Nippon Oil Corp, Inpex Corp and JGC Corp to revise their bids.
http://www.iraqdirectory.com/DisplayNews.aspx?id=9868
Iraq looking for $50bn spend in oil industryGulf Times - [7/13/2009]
Iraq, holder of the world’s third- largest crude oil reserves, needs more than $50bn of investments in the country’s petroleum industry in the next five to six years, Oil Minister Hussain al-Shahristani said.
The country plans to increase its crude oil production to 6mn bpd by the end of 2015, from the current 2.4mn barrels, the minister said in Tokyo yesterday. Iraq also aims to almost triple its refining capacity to 1.5mn bpd by 2017 from 540,000 barrels at present.
Iraq, whose oil industry accounts for about 65% of gross domestic product, is seeking to attract foreign investors to help boost output after six years of conflict and prior sanctions destroyed its infrastructure. In separate bidding for engineering contracts for Nassiriyah oil field, Iraq has asked Eni, Italy’s largest energy company, and a Japanese group comprising Nippon Oil Corp, Inpex Corp and JGC Corp to revise their bids.
http://www.iraqdirectory.com/DisplayNews.aspx?id=9868