Iraq signed a Memorandum of Understanding in Baghdad with Royal Dutch Shell to make a technical and economic feasibility study to set up a huge petrochemical plant in Iraq.
“Iraq has a big vision to cope with the big leaps in the oil sector in the coming few years through the use of the natural gas reserves to develop the Iraqi industry and to benefit from these materials to produce the basic materials for the petrochemical industries,” Mohammad Abdullah, undersecretary of ministry of industry for companies affairs, said during the ceremony of signing the memo.
“There is a high level of coordination with the oil ministry regarding providing the raw materials necessary for the petrochemical industries and the nitrogen fertilizers,” he added.
“The project will contribute in offering job opportunities for a large number of people and will
decrease the unemployment rate,” the Iraqi official noted.
Iraq has ambitious plans to develop its huge southern oil fields – potentially the world’s biggest source of new oil over the next few years – and few oil firms dare risk being barred from such a bonanza by angering Baghdad.