Jan 28, 2015

Shell Signs $11 Billion Deal to Build Petrochemicals Plant in Iraq

Ben van Beurden

(REUTERS)—Royal Dutch Shell signed a deal with Iraq on Wednesday worth $11 billion to build a petrochemicals plant in the southern oil hub of Basra, boosting the country's aim to become a major regional energy player and diversify its income.

Industry Minister Nasser al-Esawi told a news conference the Nibras complex, which is expected to come online within five to six years, would make his country the largest petrochemical producer in the Middle East....

"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," Esawi said.

He said the factory would produce 1.8 million tonnes of petrochemical products per year....

gray arrow