Iraq's Minister of Oil, Mr. Abd Al-Mahdi travelled to Japan for meetings to discuss the various sectors in Iraq that could potentially create investment opportunities for Japanese companies. Al-Mahdi stressed the pressing need to jump start the Iraqi economy through various projects such as agricultural, industrial, and economic development within the chemical and petrochemical industry. In particular, Al-Mahdi mentioned the dire need to provide maintenance services for oil and gas fields which could potentially reap high returns if they managed to operate at full capacity.
Focusing on the oil and gas sector, Al-Mahdi also pressed the need to build new refineries to help accommodate the production of oil as well as the need to provide maintenance to pipelines and reservoirs due to the need to increase oil production to 7 million bpd within the next 5 years (6 million barrels are to be exported).
In total an approximate $300billion is needed to reinvigorate the Iraqi petrol economy in the next 15 years and Iraq is hoping for Japan to initiate funding the first stage of the much needed foreign investment.