Azerbaijan, Baku, May 15 / Trend A. Taghiyeva /
Iraq is preparing a plan to develop the petrochemical industry with foreign companies and investments, Iraqi Oil Ministry official representative Asym Jihad told Trend today.
Baghdad intends to intensify the work on the exploration and development of oil fields.
Jihad said that it is planned to attract foreign investments from $ 30 to $ 50 billion in the period from 2017 to 2023 to develop the petrochemical industry.
"During this period it is planned to produce up to 10 million tons of petrochemical products per year," he said. "Iraq welcomes all foreign investments in the petrochemical industry of the country."
Jihad said Iraq is in talks with several foreign companies, in particular, Royal Dutch Shell, Chevron and others. The ministry is talking with Shell about building a plant to produce petrochemical products in Basra. The project will cost about $10 billion.
"We also intend to restore the old petrochemical plant in Basra," he said. "The foreign companies' assistance will be required."
Jihad told Trend earlier that Iraq will increase production from the three existing fields: Akkaz in Anbar area (largest field), Siba in Basra, and Mansouriya in the province of Diyala.
Jihad said these deposits' reserves are estimated at 317 billion cubic meters of gas.
According to BP, the proven gas reserves in Iraq at the beginning of 2011 amounted to 3.17 trillion cubic meters.
According to BP, Iraq's proven oil reserves as of early 2011 amounted to 115 billion barrels. The country ranks in third after Saudi Arabia and Iran.
Iraq's major oil fields are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in south of the country.