Iraq will invest around $500 billion in energy and linked industries with the help of the private sector by 2030, the Deputy Prime Minister for Energy told a conference hosted by the IBBC and Iraq’s National Investment Commission.

Dr Hussain al-Sharistani said the move would generate around $6 trillion in revenues and create around 250,000 new jobs.

Speaking in Baghdad he also unveiled plans for what he called: “a massive development plan for the oil and as industry,” including new terminals, refineries and pipelines. Al Sharistani said: “The volume of work is unprecedented in the oil industry.”

“As for investment opportunities; investments between now and 2030 in the energy sector and linked industries will amount to about $500 billion, of which 80 billion is expected to come from the private sector.”

Shahristani delivered a broad ranging vision of Iraq’s energy needs and also revealed plans for the Ministry of Electricity’s to upgrade and build new power projects to solve power outages which leave millions of Iraqis with electricity for only 8-10 hours a day.

He said: “Power generation capacity is expected to reach 22 gigawatts to meet demand in 2016.”

“The ministry of electricity is also planning to upgrade the existing and the new gas turbine stations from single to combined cycle to increase power to about 30 gigawatt in 10 years,” he added.

Shahristani said the Ministry planned to exploit solar energy. He added: “There are invitations for companies to build solar power stations in remote desert areas and this is part of the set plan to develop the power sector in Iraq.”

The two day conference was also attended by Iraq Deputy Prime Minister Dr Rowsch Shaways who said: ” My goal is to bring life to our economy to achieve a proper standard of living for our people and enable Iraq to take its place in the world community.

“The Iraqi people deserve the best and we are seeking assistance from nations like Britain. We need to get away from the state doing everything. The Iraqi market is promising and it is broad and thirsty for investment.

Baroness Nicholson of Winterbourne led the IBBC delegation of 30 mainly Western businessmen and women to the Iraqi capital and told the conference: ” Nearly ten years since the dark days of the previous regime the steady light of freedom and democracy is burning in Iraq today. Foreign investment is needed to ensure that light turns into a glittering future for Iraq.”