Iraq to Increase Oil Capacity by 40%

Oil Minister Jabar Ali al-Luaibi has said Iraq plans to increase its crude oil production capacity from five million bpd at present to seven million bpd by 2022.

According to a report on the 15^th February he added that Iraq needs US$4 billion for new investments in its downstream oil industry, lifting refining capacity to 1.5 million bpd by 2021

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It said the increase in refining capacity would come from seven projects, some of them new and some involving the expansion of existing refineries.

Source: Iraq Business News