ASIA FRONTIER CAPITAL – Country Snapshot – Iraq - EmergingMarkets.me:
"Despite being plagued by armed conflict for most of the last decade, Iraq’s economy is rebounding and showing promising signs for surging growth in the future. Iraq is an enormously wealthy country, devastated by over 30 years of terrible conflicts and crippling sanctions, and almost torn apart by civil strife.
Energy lies at the heart of the Iraq investment story, and the country is home to the world’s 5th largest proven oil reserves (143 billion barrels), as well as the 13th-largest proven gas reserves. However, much of Iraq is underexplored, especially in comparison to major oil producers in the region, and industry estimates suggest it could have an additional 100-150 billion barrels of reserves. Iraq’s oil industry is extremely competitive, with the lowest extraction costs in the world at around USD 5 a barrel.
The development of these resources can fuel its social and economic development in the next few years. This is in addition to the wholesale reconstruction of the country whose infrastructure was destroyed or at best deteriorated following the traumatic events of the last 30 years. The petroleum-rich nation has attracted investment not only from US companies, but also from firms in South Korea and China, which invested USD 12 billion and USD 3 billion respectively in Iraq in 2012."
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