PHOTO
Iraq plans to discuss a proposed Energy and Development Fund with the United States that could eventually mobilise up to $400 billion over 30 years to finance infrastructure and energy projects, Prime Minister Ali Faleh Al-Zaidi said.
In an interview with Sky News Arabia, Al-Zaidi said the proposed fund would initially be based on oil production of 500,000 barrels per day (bpd) and could be expanded to as much as 2 million bpd, depending on economic conditions and production capacity.
He added that production underpinning the fund could potentially be structured outside OPEC quota constraints, according to a statement on the interview issued by the Prime Minister's media office on Saturday.
Al-Zaidi said the fund's accounts would be held at leading US banking institutions, with its resources directed towards agreements with American companies to implement electricity, infrastructure and other development projects.
The prime minister said financing through the fund could reach around $400 billion over three decades, with investments increasing gradually in line with project performance and implementation.
"Our goal is to rebuild the infrastructure damaged over the years by investing these resources in development projects," Al-Zaidi said.
He also noted that Iraq is continuing discussions within OPEC to secure what it considers a fair share of oil production that reflects the country's production capabilities.
“We aspire, over the next three years, to raise Iraq’s oil production to seven million barrels per day, and we have communicated this vision to American companies,” he added.
(Writing by Majda Muhsen; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
