Shell-Dow in $2bn Iraq plant expansion talks

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http://www.gulf-daily-news.com/Story.asp?Article=192277&Sn=BUSI&IssueID=30163

DUBAI: Royal Dutch Shell and Dow Chemical are in talks with the Iraqi government to renovate and expand a chemical plant in southern Iraq at a cost of up to $2.1 billion, the Iraqi industry minister said.

The talks on creating a joint venture or reaching a profit-sharing agreement could be concluded this year, Fawzi Hariri said.

"We are looking to upgrade this, and evaluate what type of products and facilities we need for the local market and beyond," Hariri said of the plant near the city of Basra.

Alexandra Wright, a spokeswoman for Shell in London said: "We are in talks with the Iraqi government and third party organisations on a range of issues.

"The nature of those discussions is a matter of commercial confidentiality."

Shell, like the other western oil majors, is eager to gain access to Iraq's oil reserves - the third-largest in the world - although security concerns mean the companies are reluctant to put people on the ground.

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1. I think this was supposed to be one of the "good news" stories from Iraq?

Fecking war profiteers.

Don