Iraq in talks with Chevron, Exxon for $3 bln petrochemical plant

LONDON (MarketWatch) -- Iraq is in negotiations with Chevron Corp (CVS) and Exxon Mobil Corp (XOM) towards building a new $3 billion petrochemical facility and is in talks with several other Western firms over industrial projects.

In an interview Thursday, Iraq's minister for industry and minerals Fawzi Hariri said the discussions with Chevron and Exxon began this week in Washington and are at an early stage.

"It will be one or the other company for this new facility, not both," he said. "We're hoping to have a (Memorandum of Understanding) in place by about July."

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