Iraq oil minister says $4 billion needed for new downstream oil investments

Iraq needs $4 billion for new investments in its downstream oil industry, Iraqi Oil Minister Jabar al-Luaibi said on Tuesday, 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 per day by 2022, from 5 million bpd at present.