Iraq seeks $100bn funding to rebuild oil, petchem sector


A total of 18 investment opportunities are up on offer in the chemicals, petrochemicals, fertilisers, and refinery sectors.

"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilising the states of the region and the world", said Planning Minister Salman al-Jumaili, adding that the reconstruction was therefore also the responsibility of the worldwide community.

The conference, organized by the Kuwait-based International Islamic Charitable Organization comes in parallel with KICRI, also kicking off February 12.

Millions of people were displaced, in particular in the Sunni north, as a result of the battles and thousands were killed.

About 1,900 delegates have registered to attend the conference, representing foreign governments, private sector companies and worldwide organisations, NIC head Sami al-Araji told the gathering at the Kuwait Chamber of Commerce.

He said Egypt has managed to add 25,000 megawatts of power to its network, established 500 kilometers of roads and built fisheries of the biggest kind in the world in addition to being a strong fighter in the war on terrorism.

Baghdad has said it is determined to tackle the red tape and corruption that hamper investment. Iraq declared victory over ISIL in December, having taken back all the territory captured by the militants in 2014 and 2015.

Iraq is the 10th most corrupt country in the world, according to Transparency International.

Egyptian Presidential Assistant For National and Strategic Projects Ibrahim Mahlab said Egypt's participation in the International Conference on the Reconstruction of Iraq reflects its pioneering role at the Arab, regional and international levels.

Opec's second-largest oil producer behind Saudi Arabia - will be looking to attract investment mostly in the downstream, planning the construction of new refineries with different capacities, including one at the Al Faw Port with a 300,000-bpd (barrels per day) capacity.

Railways, airports, and ports construction, reconstruction, and rehabilitation are also high on Iraq's investment opportunities list, including berths for oil products exports and imports at the $6-billion project for the Grand Port of Al Faw at Basra, it added.