Oil Minister Jabbar al-Allaibi said on Tuesday that Iraq intends to reach a production capacity of 7 million barrels per day by 2022.
“Baghdad plans to boost its oil production capacity to 7 million bpd by 2022 from 5 million bpd at the moment,” al-Allaibi told a donors conference in Kuwait.
“Of the planned refining capacity of 1.5 million b / d, 500,000 barrels per day will be allocated for export,” he said.
The conference “Invest in Iraq”, organized by the Kuwait Chamber of Commerce and Industry (KCCI), took place on Tuesday at the Kuwait International Conference for the Reconstruction of Iraq.
The opening session of the conference will discuss the environment for private sector participation in the reconstruction of Iraq, with the participation of Kuwait Chamber of Commerce and Industry President Ali al-Ghanim, head of the Iraqi National Investment Commission Sami al-Araji and Iraqi Planning Minister Salman al-Jumaili.
The conference will discuss the investment environment in Iraq, the reform program and the means of reconstruction as well as reviewing the private sector opportunities through presenting successful investment experiences, the main investment opportunities in Iraq and the role of the International Finance Corporation in this regard.
The conference will also look at key investment sectors in Iraq in the fields of oil and gas, transport, industries, real estate, economic zones, energy, agriculture, health and others.