STX seeks to activate memo to build petrochemical complex in Basra

BASRA / IraqiNews.com: A delegation from South Korea’s STX Heavy Industries met on Tuesday with Basra Governor Shaltagh Abboud al-Mayah to activate the agreement signed with Iraq to construct a petrochemical complex in the southern city of Basra, an official source said. “The delegation discussed with the governor the mechanism to implement a memorandum of understanding the company signed with the industry ministry to rehabilitate the petrochemical complex in Basra,” the source told IraqiNews.com news agency. South Korea’s STX Heavy Industries had signed a $3 billion agreement with Iraq to construct a petrochemical complex in the southern city of Basra. The complex, to be run by Iraq‘s State Company for Petrochemical Industries, is set to produce ethylene, propylene, polyethylene and polyvinyl chloride from 2014. STX Heavy will complete the project on an engineering, procurement and construction, or EPC base, the company said in a statement. In January, STX signed a contract with the Iraqi government to build a $6.2 billion steel mill complex and gas-fired power station in Basra. SH (P)/SR 121