Shell to Invest in Iraq

Posted by: : John HeffernanPosted on: January 29, 2015 Shell to Invest in Iraq

Royal Dutch Shell has signed a deal with Iraq worth 11bn to build a petrochemicals plant in the southern oil hub of Basra, Industry Minister Nasser al-Esawi said yesterday.


Al-Esawi told a press conference in Baghdad the Nibras complex, which is expected to come on line within five to six years, would make Iraq 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,” al-Esawi said.


A Shell spokesman told Reuters Iraq’s cabinet had authorised the project on January 13.

Shell to Invest in Iraq

“Shell has been working with the Iraqi ministries of industry and minerals and jointly with the ministries of oil and transport to develop a joint investment model for a world-scale petrochemical cracker and derivative complex in the south of Iraq,” he said.


Shell is one of the main major oil companies operating in south of Iraq, operating the Majnoon oilfield and leading the Basra Gas Company joint venture. It signed a memorandum of understanding with the ministry for the Nibras project in 2012.


The following two tabs change content below.

John Heffernan

John Heffernan is a accomplished entrepreneur and has been a student of Economics and Public Markets for 3 years. John Heffernan has developed expertise in the Gaming and Entertainment sector across a number of platforms, his research is focused on the future of the industry at every level.

Latest posts by John Heffernan (see all)

Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.

Research 1 of 6

Recent News