«Beacon» makes Iraq one of the largest industrialized countries

Preparing the ministries of oil and industry agreement with the company «Shell» oil the world to implement the project «beacon» petrochemical in the province of Basra, which is the largest in the Middle East, as it is expected to achieve annual profits exceed one billion dollars, and provides more than 50 thousand jobs after its completion.

The official spokesman for the Oil Ministry, Assem Jihad, said in an exclusive statement »Sabah», the ministry support for plans to develop the oil industry and increase production, which will reflect positively on gas production, therefore, requires the establishment of projects for the petrochemical order to optimize the investment of oil and gas wealth in Iraq. As a result of the drop in oil prices in global markets and rents the Iraqi economy, Jihad pointed out that the Ministry of Oil permanent quest for the development of this vital sector in the country through investment in the petrochemical industry, which resulted in several agreements, project support, the most important project «beacon».

He explained the official spokesman said « was signed with Shell to establish a petrochemical plant and its accessories dubbed Project (beacon), which is scheduled to be held in the province of Basra », he returned him of important projects that have been agreed in collaboration with the Ministry of Industry and Minerals.
He said the project is in the planning and study by the company and needs to be nearly two years to complete its requirements and prepare for the next stages, and then will have to agree on direct and determine the period of time to implement the project in stages. In addition to project beacon, Jihad detect the presence of memoranda of understanding and other proposals with the companies «France's Total», and »Russia's Lukoil» for the establishment of factories for petrochemicals in the provinces of Basra and Dhi Qar, indicating it from a medium-term projects and need several years to complete it fully. He noted the official spokesman to the petrochemical industry on the development of the gas industry in Iraq, where the country had made ​​considerable progress in gas investment projects through Basra Gas Company, which is to invest the associated gas for oil operations in the three oil fields, in addition to international companies that invest gas fields gas, as Iraq's production has now reached the gas to a million and a thousand standard cubic feet per day.

The present trends amid the efforts of the ministry to maximize fiscal revenues through increased refinery production to compensate for interruptions Baiji refinery, which it meets more than half of Iraq's need of oil derivatives, and add some production units for the development of production and improved, leading to the development of the oil industry in the country, according to Jihad.