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There are three key reasons why the development of a world-class petrochemicals (petchems) sector is vital to Iraq’s future. First, its heavy reliance on crude oil exports makes it extremely financially vulnerable both to downturns in the oil price and to the political whims of its fellow OPEC members, especially Saudi Arabia. Second, plain crude oil exports, particularly in the depressed pricing environment that is likely to endure for some time, do not provide the much higher export value that petchems do. Third, Iraq has the natural resources of both oil and gas that can make it a world leader in the petchems sector.

Sala ad dinAsh sharqiyahSaudi arabiaAl basrahNasser al esawiSimon watkinsKhor al zubairIhsan ismaaelIraq ministry of oilMinistry of industryMitsubishi corporationInvestors skeptical of big oil greenRoyal dutch shellChina petroleum chemical corpInternational energy agencyMinistries of oil