Chevron Phillips signs pact with Iraq to study new petrochemical project
Chevron Phillips Chemical signed a letter of intent to evaluate the feasibility of developing a petrochemical plant in Iraq, officials with the US-based company said on Monday.
Chevron Phillips, a 50-50 joint venture between Phillips 66 and Chevron, said in the letter that it would examine the feasibility of building a new plant as well as upgrading an existing facility.
“[The company] signed a non-binding Letter of Intent with the Republic of Iraq's Ministry of Industry and Minerals to jointly evaluate the feasibility of developing an integrated petrochemical complex in Iraq,” Chevron Phillips said in a statement.
The possible upgrade to an existing facility could occur at the Iraq-owned petrochemicals factory in southern Basra province, according to news agency Bloomberg, which quoted an Iraq spokesperson.
Financial details and possible construction dates were not disclosed.
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