Shell signs $11 billion deal build petrochemicals plant in Iraq

Shell signs $11 billion deal to build petrochemicals plant in Iraq

11:49 AM, 28th January 2015
Shell signs $11 billion deal to build petrochemicals plant in Iraq

BAGHDAD, IRAQ: Royal Dutch Shell has signed a deal with Iraq worth $11 billion to build a petrochemicals plant in the southern oil hub of Basra, Iraq. Shell is one of the main major oil companies operating in south of Iraq, operating the Majnoon oilfield and leading the Basra Gas Company joint venture. It signed a memorandum of understanding with the ministry for the Nibras project in 2012.

“The Nibras complex will be one of the largest (foreign) investments (in Iraq) and the most important in the petrochemical sector in the Middle East. Shell has been working with the Iraqi ministries of industry and minerals and jointly with the ministries of oil and transport to develop a joint investment model for a world-scale petrochemical cracker and derivative complex in the south of Iraq,” said Industry Minister Nasser al-Esawi.

 

© Reuters News 

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