Iraq nears ‘giant’ petrochemicals project with Total
9/22/2015 12:00:00 AM
Iraq's oil ministry is ready to conclude a partnership contract with France-based Total to establish a "giant" project to produce petrochemicals, local news reports said on Tuesday.
The project would be located in the Basra province of South Iraq, according to a statement from Abdul Wahid al-Shammari, a spokesman for the ministry.
The news came after a recent visit to Baghdad by Total executives. In a statement, Total says it is looking at the project with some interest, but it remains in the "preliminary study" stage.
In a statement, al-Shammari said that the aim of the visit was to form a joint venture (JV) to build a project for the production of petrochemicals.
For Iraq, the benefit is to diversify sources of income and take advantage of local resources like oil and gas, al-Shammari said.
Specific investment terms and capacity details have not been disclosed yet.
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