Iraq ‘to switch focus from oil’  

Posted by Big Gav in ,

Upstream Online reports that Iraq wants to diversify its economy, quoting some big numbers for oil production over the next 4-5 years - Iraq ‘to switch focus from oil’.

Iraq is aiming for nearly $360 billion in investment in new development projects as the Opec member nation hatches a plan to move its economy away from such a heavy dependence on oil revenues. The major hydrocarbons producer is to focus on developing its industrial sector under a new plan running until 2017, Reuters reported. ...

Iraq envisages that approximately $357 billion in investment will be needed for development projects with 79% to come from the government and 21% from the private sector. Oil revenues will, however, continue to be the breadwinner for Iraq, hitting around $662 billion in the over four-year plan period.

Production of oil is envisioned rising from 3.2 million barrels per day in 2012 to 9.5 million bpd in 2017, with crude exports climbing from 2.6 million bpd to 6 million bpd in 2017, assuming an average oil price of $85 per barrel over the five years, Reuters reported.

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