Kuwait Minister of Foreign Affairs Sheikh Sabah al Khalid Al Sabah poses for a group photo with U.S. Secretary of State Rex Tillerson and other Foreign Ministers and delegates ahead of the Kuwait International Conference for Reconstruction of Iraq, in Bayan, Kuwait February 13, 2018. REUTERS/Stephanie McGehee
February 13, 2018
KUWAIT (Reuters) – Iraq needs $4 billion for new investments in its downstream oil industry, Iraqi Oil Minister Jabar al-Luaibi said on Tuesday, outlining plans to expand its refining capacity over the next several years.
Speaking at a conference on reconstruction of the war-torn country, he also said Iraq planned to boost its crude oil production capacity to 7 million barrels per day by 2022, from 5 million bpd at present.
(Reporting by Maher Chmaytelli; Writing by Noah Browning; Editing by Andrew Torchia)
