Oil industry will need $4bn

IRAQ needs $4 billion (R47.77bn) for new investments in its downstream oil industry, Iraqi Oil Minister Jabar al-Luaibi said yesterday, 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 a day (bpd) by 2022, from 5 million bpd at present.