FINANCIAL NEWS

Iraq plans big boost in power capacity in 4yrs

10 May 2010

(MENAFN) IraqÂ’s Electricity Minister, Karim Waheed, said that the country plans to lift up its power capacity to 27,000 megawatts in four years, Reuters reported.

The minister’s remarks came after opening Iraq’s gas sector to foreign investment and sealing a gas capture deal with Royal Dutch Shell.
Waheed said that Iraq needs to invest at least $3-$4 billion a year to reach its ambitious power capacity target.

He noted that reaching this target would depend mainly on finalizing a venture with Shell to capture and use gas now being burned in the southern oilfields around Basra, and on output from three gas fields, which Iraq is auctioning off in September.

The minister expects the gas fields currently being tendered to start producing in two to three years. Iraq plans to issue new tenders for installing turbines as part of the ministryÂ’s plans to boost electricity capacity, he added.

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