Iraq need more than $ 50 billion in investment in oil industry over the next five or six years, reported Bloomberg, citing the statement of Minister of Petroleum Countries Hussain al-Shahristani made in Tokyo.

The country plans to increase oil production to 6 million barrels per day by the end of 2015 from the current 2.4 million barrels. Iraq also aims to almost treble the amount of oil - up to 1.5 million bpd by 2017 from 540 thousand barrels at present.

Iraq seeks to attract foreign investors to increase oil production after six years of fighting and previous sanctions have destroyed the infrastructure.

The goal of the year 2015 production is unattainable without the help of developed countries and international oil companies, said a senior energy analyst Mizuho Securities Co. Hidetoshi Shioda - Japan does not have any territorial ambitions, may be a suitable investor.
Earlier

Iraq requested from the Italian Eni SpA and Japan's Nippon Oil Corp. revised technical and commercial proposals for the engineering contract for the development of Nassiri.

We finished the technical evaluation, - the H.al-Shahristani. - The financial aspects of contracts subject to discussion. As soon as all issues will be clarified, we are ready to proceed to the final stage of negotiations.

The Minister added that the meeting with representatives of Nippon Oil, did not specify the details of the meeting.

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