French oil explorer Total will build a ‘world-class’ petrochemical complex in Iraq as part of its strategy to develop its activities in the Middle East market
Patrick Pouyanne, head of Total’s refining and chemicals division, said that he has already signed a preliminary accord with Iraq’s federal industry ministry to examine the feasibility of the complex in the southern port of Basra.
Total has not yet disclosed the cost or the time-frame of the project, according to AFP.
According to company sources, Total is looking at boosting 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.
Total currently invests 15 per cent of its capital in the Asia-Middle East zone, and wants to increase it to 30 per cent by 2017.
