Advertisement
| 13 February, 2018

Iraq says $4bln needed for new downstream oil investments

Iraq planned to boost its crude oil production capacity to 7 million barrels per day by 2022, from 5 million bpd at present, says Minister

Image used for illustrative purpose. 
A worker climbs stairs at the Halfaya oilfield in Amara, southeast of Baghdad, January 21, 2016.

Image used for illustrative purpose. A worker climbs stairs at the Halfaya oilfield in Amara, southeast of Baghdad, January 21, 2016.

REUTERS/Essam Al-Sudani

KUWAIT - Iraq needs $4 billion for new investments in its downstream oil industry, Oil Minister Jabar al-Luaibi said on Tuesday, outlining plans to expand refining capacity over the next several years.

Speaking at a conference on reconstruction of the war-torn country, he also said Iraq planned to boost its crude oil production capacity to 7 million barrels per day by 2022, from 5 million bpd at present.

Luaibi said the downstream investment would lift refining capacity to 1.5 million bpd by 2021, with 500,000 bpd of that earmarked for export.

The increase in refining capacity would come from seven projects, some of them new and some involving expansion of existing refineries.

Advertisement
Some would be turnkey projects, in which contractors would hand over facilities to Iraq, while others would be build-operate-transfer deals in which private firms would receive concessions to operate facilities.

(Reporting by Maher Chmaytelli; Writing by Andrew Torchia; Editing by Dale Hudson) ((noah.browning@thomsonreuters.com;))