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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. ....
Hydrogen was thrust into the spotlight as a promising clean energy source by President George W. Bush in his 2003 State of the Union address. President Bush touted the potential for a “hydrogen economy” that would greatly slow the release of carbon dioxide into the atmosphere. Since then, billions of dollars have been invested in an attempt to realize this vision. Hydrogen’s appeal is obvious. When hydrogen is combusted in an engine or consumed in a fuel cell, it combines with oxygen to form water. Thus, a car running on hydrogen is primarily emitting water vapor as a waste product. ....