Having blessed with natural resources Iraq is the second highest oil producer in OPEC countries after Saudi Arabia. Getting 93% of the total budgeted revenue from oil exports, Iraq has a clear road map for the development of its economy in the next 20 years. The more investment in the energy sector, the more prosperity, and economic growth and employment opportunities will come.
John Lee has reported on behalf of Iraq Business News that the AFP had announced Iraq Energy Strategy for the next 20 years. According to his announcement, Iraq is planning to raise $6 trillion from energy sectors in the coming 2 decades. Moreover, the local power sector will be enhanced to make a self dependent country.
John Lee told that Integration National Energy Strategy INES will invest $620 billion to translate this dream into reality by 2030. The current oil production of Iraq is 3.4 million barrels per day and the Iraq Oil Ministry has set the target of producing 405 million barrels by the end of 2014.
The former oil Minister and Head of Prime Minister’s Advisory Committee, Thamir Ghadhban said that these strategic plans are to meet local energy requirements, diversify the economy and generate targeted revenue for Iraq. The objective of diversifying the Iraq economy is to create 10 million job opportunities in Iraq. That would be possible if the non-oil sector grow with a significantly better ratio than oil sector. That is the target set for the next 7 years. He explained that $6 trillion revenue is the target to be achieved by 2030 out of which 85% of the revenue will be got from oil exports.
Source Link: Iraq Unveiled New Energy Strategy