Iraq has approved plans to set up refinery, petrochemical and fertiliser projects within a strategy to convert nearly two-fifths of its crude production into export products, the OPEC producer’s Prime Minister said in comments during a visit to the US.

“We have devised a plan to convert 40 percent of our crude oil production into petroleum products..." Mohammed Al-Sudani said in comments published by Iraq’s media on Saturday.

He also confirmed plans to push ahead with the Nebras petrochemicals complex despite Shell’s withdrawal.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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