Aswat Aliraq reported that US chemical company Chevron Phillips proposed to exploit the gas from extracted oil for an amount of USD 6 billion to Basra's Investment Commission.

The statement said that the project is to build petrochemical plants in the first phase of the project. 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% of the workers shall be Iraqis. The company has similar investments in more than 80 countries including the Middle East like Saudi Arabia and Qatar.

(Sourced from Aswat Aliraq)