Iraq says $4bn needed for new downstream oil investments
Kuwait : Iraq needs $4 billion for new investments in its downstream oil industry, Oil Minister Jabar al-Luaibi said yesterday, 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.
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