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Hanwha Chemical signs LOI to build petchems complex in Iraq

9:04 AM MST | December 19, 2013 | Natasha Alperowicz

Hanwha Chemical said today that it has signed a letter of intent (LOI) to build a petrochemical complex in Iraq. The LOI was signed at Seoul by the company’s president, Han-hong Bang; and Iraq’s deputy minister of industry, Mohammed Zain. The complex will require an investment of about $4 billion and include gas processing facilities, ethylene, and other petrochemical production units, with a combined capacity of 1 million m.t./year of petrochemicals. Completion is expected in 2020–21, the company says.   Hanwha is diversifying its...

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