Iraq will renew its request for bids from both local and international companies to build a phosphate plant in the western part of the country in a project estimated to be valued at $3 billion, according to Bloomberg.
“The purpose behind the re-announcement is to get the best offers,” Khalid Battal Al-Najim, the Minister of Industry and Minerals, told reporters in Baghdad. He didn’t disclose the expected production capacity of the plant.
Iraq said it received bids from five companies last year but has decided to widen the offer to more bidders. The announcement of the request for bids will take place within two months.
Iraq has the world’s second-largest phosphate reserves, according to Iraqi Geological Survey Commission data posted on its website. The deposits located in the western desert account for 9% of the global total, according to the commission.