Russian Co. offers to invest in Basra

Basra (IraqiNews.com) A Russian company offered on Basra Investment Commission a proposal to set up a factory for plastic pipes along with possibility to rehabilitate the disrupted governmental plants in Basra such as the Chemical Fertilizers Factory, Iron and Steel Company, Petrochemicals Plant and Paper Mill through investment. A statement by the BIC quoted the representative of the Russian United Meptolokusal, David Yuke, as saying during his visit to the Commission’s headquarter “Our company seeks to increase its productivity just like the significant increase in other countries and to fill Iraq’s need in various sectors, encouraged by the great development in Iraq and Basra in terms of Architectural movement and economic growth.” Yuke referred that his company is considered as “a sober, global company in manufacturing pipes,” noting that “Most of the large companies use its manufactured equipments among them the Russian Luk Oil Company, as well as the rate of exported products from our company to the USA witnesses remarkable increase.” The statement added that the Undersecretary of the BIC’s Chairman, Haidar Ali Fadhil said “Basra Investment Commission intends to promote the industrial sector and rehabilitate the plants in Basra via investments by the international companies which have adequate capitals, techniques and expertise,”referring that “The BIC’s future scheme includes erecting three industrial cities in addition to th need to construct new factories.” Basra Governor Khalaf Abdul Samad have met, on Friday, with the Russian Consul who was accompanied by a delegation from Russian United Meptolokusal Company where he discussed with the delegation the Company’s proposal to build a plant for plastic pipes.