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OPEC producer Iraq is considering building a petrochemical plant in Egypt to diversify its sources of income but experts believe the project is not feasible.
The idea was unveiled by Iraqi Prime Minister Mohammed Al-Sudani in statements at a meeting with Iraqi businessmen during a visit to the United States last week.
Sudani said the project could be set up in the Northeastern port of Ain Sokhna on the Red Sea and that it is still under discussion.
“I wonder why such a big project will be set up in Egypt not Iraq,” well-known Iraqi energy expert Nabil Al-Marsoumi told Baghdad News agency.
“Such projects could be considered by countries which have sovereign wealth funds and want to invest part of these funds in such industries abroad, like Gulf countries…but Iraq does not have this fund and it needs such projects inside Iraq not abroad.”
(Writing by Nadim Kawach; Editing by Anoop Menon)
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