Mohammed Abdullah, deputy minister of Iraq’s industry and minerals ministry has said the country plans to lure foreign firms to invest $35bn-$50bn in its gas sector to power a new petrochemicals industry from 2017-2023, Reuters has reported. “This is our current view and that could be revised upwards in the future,” he said.

The ministry is currently in negotiations with Royal Dutch Shell to build a petrochemicals factory that will cost at least $8-10 billion in the southern oil hub of Basra, Abdullah said, adding the firm had signed a memorandum of understanding with the ministry. Chevron Phillips Chemical Co is also interested in rehabilitating a petrochemical factory in Basra and in building a new one, he said, without providing more details.

16 May