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STX Heavy inks deal for $3.2 bln Iraq petchem plant

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littlekracker


STX Heavy inks deal for $3.2 bln Iraq petchem plant



SEOUL, Feb 25 (Reuters) - South Korea's STX Heavy Industries Co Ltd said it signed a preliminary deal for a $3.2 billion petrochemical project in Iraq on Thursday.

Unlisted STX Heavy, part of STX Group led by STX Corp , said in a statement it would build a petrochemical complex and related facilities in Basrah.

The complex, to be run by Iraq's State Company for Petrochemical Industries, is set to produce ethylene, propylene, polyethylene and polyvinyl chloride from 2014, it said.

(Reporting by Shin Ji-eun, Cho Mee-young and Rhee So-eui; Editing by Jonathan Hopfner)

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