Watching the World: Iraqi plans and problems

Iraq plans to triple its oil production to 6 million b/d by 2015, and officials there say they hope for divine help in attracting the $20 billion in foreign investment they need to achieve that ambitious goal.Raising $20 billion would be easier if the government could only bring its problems under control. Iraqi government officials are highly aware of those problems, as demonstrated by N.K. Al-Bayati, director-general of Iraq’s oil ministry, in a speech at the Oil & Gas Asia Conference last week in Kuala Lumpur.Al-Bayati said that to boost output and woo international investors and oil companies, Iraq needed to ensure security, put in place a legal framework, and formulate a na...

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