« Back to News

Iraq set to launch giant petrochemicals project

Iraq bandiera

PEC oil producer Iraq will launch ‘Nibras’ project for the construction of the region’s largest petrochemical plant within a few days, its manager was quoted on Monday as saying. Hussein Ali told the official Alsabah Arabic language daily that the project, a joint venture with the Royal Dutch Shell, could cost nearly $8.5 billion and would have a production capacity of around 1.8 million tonnes per year. Ali said Nibras, based in the Southern oil hub of Basra, would generate net earnings of nearly $1.4 billion per year and that Shell would own 49 percent of its shares. He noted that the project was signed in 2015 but was blocked by cash shortages and internal conflicts, adding that it would turn Iraq into a global petrochemical producer.

Link: https://www.zawya.com/en/projects/industry/iraq-set-to-launch-giant-petrochemicals-project-h5sf1blw

® JIAC 2017 – C.F. 97866940584 - Credits