Chevron Phillips to invest $ 6 bn in Iraq’s Basra plant
Oct 17, 2011 12:00 AM
Chevron Phillips, the giant US chemical firm formed by ConocoPhillips and Chevron, has been cleared by the Basra Investment Commission to invest $ 6 bn in a new chemicals facility in which will use the associated gas from south oil fields as feedstock.
The confirmation came from the Basra Investment Commission.
The statement said that the project is to build petrochemical plants in the first phase of the project. It added that, with the presence of world oil companies in the southern areas of Iraq, the company hopes to develop the country's petrochemicals industry.
Chevron Phillips is aiming to have a 75 % Iraqi workforce at the plant, according to the statement.
