Chevron Phillips Chemical Co (joint venture between Chevron Corp. and ConocoPhilips) signed a letter of intent to evaluate the feasibility of developing a petrochemical plant with Iraq, as per Bloomberg. The company would examine building a new facility and upgrading an existing Iraq-owned petrochemicals factory in southern Basra province. Both Chevron Phillips and the ministry declined to give additional details, including cost estimates or dates for the project. Iraq’s oil output is on the rebound after stagnating for years during the rule of Saddam Hussein, ousted by a U.S.-led invasion in 2003. The nation burns off natural gas produced in association with crude because it lacks the infrastructure to use it as a fuel for electricity plants or feedstock for petrochemicals.
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