AME Info, Iraq, oil and gas briefs

IRAQ OIL NEEDS $50BN INVESTMENTS: Iraq’s oil minister Hussain al-Shahristani has said that his country needs more than $50bn of investments in the country’s petroleum industry in the next five to six years. The country plans to increase its crude oil production to six million barrels a day by the end of 2015, from the current 2.4 million barrels and aims to almost triple its refining capacity to 1.5 million barrels a day by 2017 from 540,000 barrels at present, he said.

Iraq’s proven oil reserves in 78 discovered fields are about 115 billion barrels, equal to about 10 percent of the world’s total holdings, al-Shahristani has said.

KARBALA TO HAVE SOLAR,WIND POWER STATION: The spokesperson for Iraq’s Karbala investment commission has said that a German firm plans to submit an offer to construct a 400 megawatt solar-wind power generation station in the holy city, Aswat al-Iraq news agency has reported. ‘The project will be set up over an area of 120,000 square metres at a desert location south of Karbala city,’ the spokesperson said.

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