Iraq seeks to speed up petrochem complex in Basra to diversify income: Oil minister

Iraq seeks to speed up petrochem complex in Basra to diversify income: Oil minister

Iraq is aiming to have legal and contractual measures in place by the end of the year for a plant in Basra that could make country the region’s largest petrochemical producer, Iraqi Oil Minister Ihsan Abdul Jabbar said in a statement on Monday.

In 2015, Royal Dutch Shell signed a deal with Iraq worth $11 billion to build a petrochemicals plant in Basra, part of Iraq’s plans to diversify its income.

The Nebras complex is still in the pre-FEED (front end engineering design) stage.

“In the last few days, the ministry has intensified meetings with the relevant authorities … and agreed to speed up the required procedures … finalize the contractual and legal procedures with the concerned parties before the end of this year, including Shell International…,” the statement said.

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