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FINANCIAL NEWS
Shell to launch petrochemical venture in Iraq
15 Dec 2011
(MENAFN) Royal Dutch Shell’s vice president for new business development and ventures, Iain Lo, said that the oil giant would expand its footprint in Iraq through launching a petrochemical venture, reported The National.
Lo added that Shell, which develops Iraq’s Majnoon oilfield near Basra at the current time, would get access to huge amounts of gas in the country through a project to capture associated gas from Iraq’s southern oilfields.
He also said that in November, Shell inked a USD17.2 billion contract to construct a liquefied natural gas (LNG) plant in Iraq designed to capture 700 million cubic feet of associated gas a day from the giant oilfields in the south.
It is worth noting that until now, the only sizeable project in Iraq’s petrochemical sector is a USD3.2 billion deal signed between Iraq’s State Company for Petrochemical Industries and South Korea’s STX Heavy Industries for a petrochemical plant that will start production in 2014.
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