Iraq to spend USD173b in its energy infrastructure

22 Mar 2013

(MENAFN) Iraqi Oil Minister Abdelkarim Al-Luaybi said that Iraq has a five-year plan to spend USD173 billion in its energy infrastructure to increase its crude production, reported Arab News.

Al-Luaybi stated that the investment will boost oil production up to 9.0 million barrels per day (bpd) from about 3.15 million bpd at the present.

In February, Iraqi’s oil exports, which represent the main government income, reached 2.54 million bpd, compared to 2.36 million bpd a month earlier.

The country ranked amid the highest international figure, with a reserves of 143.1 billion barrels.

As for revenues, the sales brought USD7.644 billion.

It is worth mentioning that the country most-needed revenues of crude sales to reconstruct Iraq’s infrastructure and state-dominated economy.

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