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FINANCIAL NEWS
Iraq to invest USD500b in energy development by 2030: Shahristani
02 Oct 2012
(MENAFN) Iraq unveiled plans to spend some USD500 billion on the development of its energy sector and related industries with the help of the private sector by 2030, Gulf Daily News reported.
The newspaper cited Deputy Prime Minister for Energy Hussain Al Shahristani as saying that the plan would create around 250,000 jobs. He added that of the planned USD500 billion, USD80 billion is expected to come from the private sector.
He also said that the investment would generate around USD6 trillion in revenues for the government, mostly from oil exports.
Shahristani also talked about the ministry of electricity’s plan to upgrade and build new power projects to address the chronic power outages
He expected the country’s power generation capacity to reach 22 gigawatts to meet demand in 2016.
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