Dublin, May 26, 2021 (GLOBE NEWSWIRE) -- The "Iraq Projects, H1 2021 - Outlook for Major Projects in Iraq - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
With vast oil and gas reserves, a large, well-educated workforce, and about $376bn of major projects planned or underway, there is no doubting the huge potential of the Iraq market for anybody looking for new project opportunities in the Middle East.
The reality however is that the country's vast potential has been undermined for decades by war, insurrection and sanctions - leaving it to face major political, economic and capacity challenges.
An improvement in Iraq's security situation in 2018 following its "liberation" from the Islamic State in Iraq and Syria (Isis) in December 2017, combined with an improving economic outlook, gave Iraqis hope that perhaps they could look forward to a period of stability during which they could start rebuilding their country.
But the joint issues of Covid-19 and falling oil prices have created a fiscal crisis as the government struggles to meet its financial commitments. Projects have had to be delayed as Baghdad prioritises social expenditure. At the same time, crude prices around50-60 a barrel and OPEC quotas on production have meant that the Oil Ministry has asked the various international oil companies to slow down project expenditure and pare back output, further limiting the projects market.
Like elsewhere in the region, falling state revenues have placed a greater emphasis on bringing greater private sector participation in the projects market either through public-private-partnerships (PPPs) or attracting direct foreign investment in projects.
However, the political and security situation and lack of regulations make the successful implementation of PPP projects extremely challenging no matter what the support. Instead, the projects that are more likely to proceed are those which have funding support from international development banks and funds. Recent successful major projects like the Basra refinery upgrade project are examples where direct foreign funding can provide a way forward for much needed infrastructure development in the country.
Reasons to Buy this Report
Opportunities and challenges in Iraq's projects market
Analysis of the pipeline of planned projects and contract awards
Key policies and drivers shaping the outlook for projects in Iraq
Political and economic background
The barriers and challenges that may arise
Sector-by-sector breakdown of future project plans
Key drivers of projects in each sector
Iraq's most valuable key projects and major project sponsors
Key Topics Covered:
Iraq Country Overview
Iraq Projects Market
Oil and Gas
Power and Water
For more information about this report visit https://www.researchandmarkets.com/r/yhb73f
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