World Bulletin / News Desk
Iraq's expansion of its oil industry will let the government nearly double spending over the next three years, the Deputy Prime Minister for Energy said on Wednesday.
"The current Iraq oil policy has enabled the government to double its budget in just three years and it will be increased by another 80 percent between 2012 and 2015," Hussain al-Shahristani said.
Iraq has focused on building up its oil industry, which funds about 95 percent of its budget, after years of crippling wars and sanctions.
Shahristani said earlier on Wednesday the country aimed to produce 5-6 million barrels of oil per day (bpd) by 2015, with a view to reaching a target of 9-10 million bpd by 2020. Current production was 3.4 million bpd, he added.
The decision comes as the steel arm of the sprawling $100 billion conglomerate struggles to offload its loss-making British assets while its carmaking business continues to be plagued by weak sales.
Water quality and shortages also remain threat to health of many with onset of diseases
Bank expects ‘solid rise in energy prices, led by oil' next year
Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said in a statement the bank would remain open, continue to operate normally and that the central bank would protect deposits.
Four presidents meet, but hopes of diplomatic breakthrough for cease-fire in eastern Ukraine remain low
Having taken years to negotiate, some producers voiced impatience for the deal to now be finally sealed; others simply fail to see why anyone would reject it.
"The value of this project will be $10 billion with a final production level of 600,000 barrels of oil per day," he said in Tehran.
Bangladesh has been one of the worst victims of global warming, with thousands of people being killed by cyclones in recent years that have become more frequent and deadlier.
Exporting Israeli gas via Turkey to Europe is viable option, says Israeli Energy Minister
French energy group EDF views Turkey as 'growth country' with more room for nuclear, renewable and hydro projects, VP says
"If OPEC sticks to its new target, the market's rebalancing could come faster," it said.
Further warrants issued against police suspected of using ByLock messaging service
A stock index of firms compliant with the principles of Islamic Sharia law, in cooperation with Bosna Bank International was launched today
Azerbaijani President Ilham Aliyev says bilateral energy projects with Turkey play key role for energy security in region
Oliver Hart, Bengt Holmstrom receive award for work on role of legal agreements
Germany's gross domestic product (GDP) will increase by 1.8 percent in 2016 before slowing to 1.4 percent growth in 2017 and 1.6 percent in 2018, Economy Minister Sigmar Gabriel said.