Anglo-Dutch oil major Shell has signed a US$11bn deal with Iraq to build a petrochemicals plant in Basra, according to Iraqi industry minister
Nasser al-Esawi said that the Nibras complex, which is expected to come online within six years, would make Iraq the largest petrochemical producer in the Middle East.
The plant is expected to produce 1.8mn tonnes of petrochemical products a year, including plastics, fertilisers and other derivatives.
One of the main oil majors operating in south of Iraq, Shell, had signed an MoU with the Industry Ministry for the project in 2012.
The announcement has come two weeks after Shell announced that it would not proceed with the proposed Al Karaana petrochemicals project in Qatar.
