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FINANCIAL NEWS
Iraq plans to spend USD173b on energy
17 Mar 2013
(MENAFN) Iraqi Oil Minister Abdul Karim Al Luaibi said that his country plans to spend USD173 billion on its energy infrastructure over the next five years in order to increase crude output, Saudi Gazette Reported.
Al Luaibi stated that the investment will hike oil output to 9 million barrels per day (bpd), in upstream activities and refineries and will increase natural gas production, and boost revenues to USD600 billion.
The OPEC member is currently producing around 3.15 million bpd, of which around 2.5 million bpd is exported, and is targeting exports of 6 million bpd by 2017.
It is worth mentioning that Iraq has the world’s fourth-largest oil reserves of 143.1 billion barrels.
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