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Beyond Conflict: Iraq's Energy Sector Targets Jobs and Prosperity
May 6, 2014
Iraq depends on oil and gas for 98% of its exports and 96% of its official revenue
Iraq integrated national energy strategy
The World Bank helps Iraq turn a resource ‘curse’ into a blessing
The recent spike in violence around the elections in Iraq is a stark reminder of the country’s ongoing fragility. A series of attacks in the last week have resulted in almost one hundred deaths. These staggering numbers give a sense of the immense burden of insecurity that Iraqis continue to shoulder, and it can be hard to imagine how development can contribute to improving their lives.
However, in recognition of the relationship between development and stability, the World Bank remains committed to supporting Iraq in laying the foundations for sustainable and inclusive growth. This story is about the Bank’s assistance in extracting maximum value from Iraq’s most important source of revenue, the oil industry, and turning it into an engine of development.
Through last year’s adoption of an “Integrated National Energy Strategy”, Iraq's government has undertaken an ambitious plan to transform the energy sector, with plans to put more than US$600 billion into it over the next 16 years.
And it’s not just about pumping oil.
"The national energy strategy goes beyond Iraq's short term focus of maximizing oil export and revenues,” said Thamir Ghadban, head of the Iraqi Prime Minister's Advisory Commission. "Oil production is up and the lights are coming back on.”
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May 6, 2014
Iraq depends on oil and gas for 98% of its exports and 96% of its official revenue
Iraq integrated national energy strategy
The World Bank helps Iraq turn a resource ‘curse’ into a blessing
The recent spike in violence around the elections in Iraq is a stark reminder of the country’s ongoing fragility. A series of attacks in the last week have resulted in almost one hundred deaths. These staggering numbers give a sense of the immense burden of insecurity that Iraqis continue to shoulder, and it can be hard to imagine how development can contribute to improving their lives.
However, in recognition of the relationship between development and stability, the World Bank remains committed to supporting Iraq in laying the foundations for sustainable and inclusive growth. This story is about the Bank’s assistance in extracting maximum value from Iraq’s most important source of revenue, the oil industry, and turning it into an engine of development.
Through last year’s adoption of an “Integrated National Energy Strategy”, Iraq's government has undertaken an ambitious plan to transform the energy sector, with plans to put more than US$600 billion into it over the next 16 years.
And it’s not just about pumping oil.
"The national energy strategy goes beyond Iraq's short term focus of maximizing oil export and revenues,” said Thamir Ghadban, head of the Iraqi Prime Minister's Advisory Commission. "Oil production is up and the lights are coming back on.”
[You must be registered and logged in to see this link.]
