Shell Signs $11bn Petrochemical Deal

By John Lee.

Shell has reportedly signed a deal with Iraq worth $11 billion (12.8 trillion Iraqi dinars) to build a petrochemicals plant in Basra.

On Wednesday, Industry Minister Nasser al-Esawi [Nasser al-Issawi] told a press conference that the Nibras complex would make Iraq the largest petrochemical producer in the Middle East.

The news comes two weeks after Shell announced that it will not proceed with the proposed Al Karaana petrochemicals project in Qatar.

The Nibras project is expected to come on line within five to six years.

(Source: Reuters)