US company to invest in Basra gas

BASRA / IraqiNews.com: U.S.chemical company Chevron Phillips proposed to exploit the gas from extracted oil for an amount of 6 billion dollars to Basra‘s Investment Commission, according to a statement issued by the Commission. The statement, received by IraqiNews.com, 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 petrochemical industry in Iraq. The project will provide thousands of work opportunities, taking into consideration that 75 percent of the workers shall be Iraqis, the statement added. The company has similar investments in more than 80 countries, including the Middle East, like Saudi Arabia and Qatar. RM (TS)/SR 41