Total inks preliminary accord with Iraq to study feasibility of petrochemical complex in Basra

03-Mar-14

French oil giant Total is exploring the option of building a "world-scale" petrochemical complex in Iraq as part of its strategy to develop its activities in the Middle East's growth markets, as told to AFP. The head of Total's refining and chemicals division, Patrick Pouyanne, said he signed a preliminary accord with Iraq's industry ministry in November 2013 to examine the feasibility of the complex in the southern Iraqi port of Basra. "They are exploratory discussions at this stage that should be confirmed in coming months," a company spokeswoman said. Total did not put a value on the mooted project, or a timeframe. Total plans to boost its refinery and chemicals activities in the Middle East and Asia, where it sees better long-term prospects than in Europe, where competition is pressuring margins. With current investment of 15% of its capital in the Asia-Middle East zone, Total wants to bring that to 30% by 2017, as per AFP (Agence France-Presse)