At the 'Iraq: Untapped Opportunities' conference in London last week, the Deputy Prime Minister with responsibility for energy, Dr Hussain al-Shahristani (pictured), said Iraq needed $200 billion (240 trillion Iraqi dinars) of investment in the energy sector over the next six years.
This investment would be broken down as follows:
- $100bn to develop upstream oil and gas fields;
- $40bn to develop the gas industry;
- $30bn to increase refinery capacity;
- $30bn to expand export facilities.
With regard to refineries, Shahristani said the refineries law provided investors with a 5% discount to the market price for crude oil, and in some cases all output would be bought by the Ministry of Oil.