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Iraq aims to build new oil refinery

September 20/2021

MOSCOW (MRC) --  Iraq has signed an initial deal with Swedish company SEAB to build a 70,000-barrels-per-day oil refinery near the northern city of Mosul, reported Reuters with reference to the oil ministry's statement.

The refinery will use the heavy crude oil from the northern Qayyara oilfield to produce fuel, said oil ministry officials, without giving an estimated cost of the project.

The Iraqi ministry said the memorandum was also signed by Turkey's Limak, but the Turkish construction company denied it was involved.

A company spokesperson told Reuters it had previously been in contact with SEAB but did not sign the contract.

As MRC informed previously, French giant TotalEnergies has signed a USD27-billion contract to invest in oil, gas and solar production in Iraq Sunday, as the country faces an acute energy crisis. The announcement of the deal, supposed in part to reduce Iraq's reliance on fossil fuels, came as Oil Minister Ihsan Ismail signed the contract at a Baghdad ceremony with TotalEnergies chief Patrick Pouyanne earlier this month.

We remind that in November 2019, Total disclosed that it is evaluating construction of a new gas cracker at its Deasan, South Korea, joint venture (JV) with Hanwha Chemical.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, propylene, ethylene, petrochemistry, Hanwha Total, Total Petrochemicals, Iraq, South Korea.
Category:General News
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