Chevron Phillips to Invest $6bn in Basra

The American petrochemical producer Chevron Phillips Chemical is to invest $6 billion [7.2 trillion Iraqi dinars] to create a new facility in Basra.

AKnews reports that the Company has obtained a licence to operate in the city, and that Basra Investment Commission has also voiced its support for the project and is now seeking to allocate a plot of land.

Once launched, the project is expected to provide up to one thousand jobs for local people.

(Sources: AKnews, Aswat al-Iraq)

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