Iraq to invest $500 billion in energy

• 11 years ago (2012-10-02)
• David Flin

Middle East 312 Renewables 753

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Iraq will invest around $500 billion in energy and linked industries by 2030, generating around $6 trillion in revenues, according to the country’s Deputy Prime Minister for Energy, Hussain al-Shahristani. He said the growth generated would create around 250,000 jobs. He added: “We expect $80 billion of the $500 billion investment to come from the private sector, and the investment is expected to generate around $6 trillion for the government.”

Iraq has the world’s fourth-largest oil reserves, and is producing more than 3 million barrels per day (bpd) for the first time in three decades.

Shahristani announced the Iraq Ministry of Electricity’s plan to upgrade and build new power projects to solve chronic electricity shortages. He said: “Power generation capacity is expected to reach 22 GW to meet demand in 2016. The Ministry of Electricity is also planning to upgrade the existing and the new gas turbines from single to combined cycle to increase power capacity to about 30 GW in 10 years.” Shahristani said the Ministry planned to exploit solar energy, currently rare in Iraq. “There are invitations for companies to build solar power stations in remote desert areas, and this is part of the set plan to develop the power sector in Iraq.”