Officials from Iraq and Shell are meeting to develop a gas delivery strategy for the Nibras project, which aims to make Iraq one of the world’s largest producers of petrochemicals.
Shell and Iraq have formed a joint venture for a $8.5 billion project to produce 1.8 million tonnes annually.
Nibras is a petrochemical company based in Basra, southern Iraq’s oil capital. The company is the fourth largest petrochemical complex globally and generates around $1.4 billion in net earnings annually. Shell owns 49% of the company’s shares, while the Iraqi Oil and Industry Ministries hold 51% of the project’s jurisdiction.
The project will generate almost $90 billion in total income over its 35-year operating lifetime and will be completed within five to six years.
In May 2023, Iraq’s oil ministry invited Aramco tArabia’sipate in the large-scale petrochemical project in Nibras.
