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Petrochemical projects
Economic 09/22/2024
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There is no longer any factor obstructing the establishment of a petrochemical industry in Iraq after the government showed promising plans to revive that industry and bring it back to the forefront, the plans for which were halted since the early nineties of the last century due to international economic sanctions on the country at the time. The government is currently planning major projects in various development sectors in order for Iraq to possess huge advanced industries that can be used to achieve huge financial returns provided by value-added products. This would place the country among the countries producing those industries worldwide, especially in the Middle East region. This requires carrying out various production operations, different needs, and solid development plans.
Iraq's possession of oil and gas resources can bring great energy to its economy, including the valuable petrochemical industry, which enables it to make a qualitative leap in maximizing its resources and elements of financing its federal budgets by benefiting from marketing the products of that industry locally as well as exporting them abroad to achieve abundant financial returns that contribute to a large extent to relieving pressure on the funds allocated to carry out productive and public service projects in the future and through the government's emphasis on implementing major projects in the oil, gas and petrochemical sectors with the American company (Baker Hughes), which specializes in this vital and important field and is one of the four largest companies in the world concerned with energy and oil services, which confirms the keenness of those in charge of the national economy to contract with international companies to expand the frameworks of investment in the country, whether with local companies under the management of the Ministry of Oil or with private sector companies.
Among the most important facts that the government has currently reached are the future expectations of what the national oil sector can do to make Iraq a promising market in global production through planning effective projects and the importance of strengthening them in the country, in light of the aforementioned company’s commitment to the government and the desire of its management that it has shown to invest in those areas and put the final touches to sign a strategic framework agreement with the Ministry of Oil, in addition to working on signing a memorandum of understanding in the field of investing in the gas platform that will be established in the Grand Faw Port, as well as the readiness to finance some important promising projects in the country.
The advancement of petrochemical industries is among the most important government activities that achieve a wide area of meeting the increasing needs for its materials, such as the crude oil refining industry and its processing methods, the liquefied gas industry, and the establishment of small and medium plastic industry clusters that are used in factories and production workshops, packaging, construction and building industries, in addition to complementary industries for the automotive, textile, clothing, communications technology and other materials that contribute greatly to the field of advancing the reality of the national economy and providing more opportunities for progress and dealing efficiently with the challenges created by new international variables and the increasing need for various products, which global crises reflected in their high prices, difficulty of production, energy problems, in addition to obstacles to their transportation from countries of origin to consuming countries.
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