A British company has pulled out of bids to build a waste recycling plant in Iraq because it found the project is not feasible, press reports said on Wednesday. 

The unnamed firm was among several companies that had shown interest in the construction of the plant in the Central Najaf city, Al-Iqtisad news and other Iraqi publications said. 

They quoted Abbas Al-Elyawi, an adviser to Najaf’s Governor, as saying the local government had offered the project as an “investment opportunity” to local and foreign companies as part of post-war development plans in the OPEC nation. 

“This important project has not materialized although it was offered to investors more than once,” Elyawi said. 

“The reason is that the bidding companies, including a well-known British firm, found t hat the project is not economically feasible.” 

Elyawi said the project was found unfeasible because recycling requires complicated waste processing operations which in turn need great effort and manpower. 

"The second reason is the investor's inability to determine the prices of electricity generation from organic materials through recycled waste, because there are no regulatory provisions for this process,” he added. 

(Writing by Nadim Kawach; Editing by Anoop Menon)