(OILPRICE.COM) 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.
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