By John Lee.
British oil and gas company Shell has withdrawn from the proposed $11-billion Nebras [Nibras] petrochemical project in Basra.
According to Argus Media, the company said it made the decision, "after in-depth evaluation on the feasibility of the Nebras integrated petrochemicals complex with our government partners."
The company added:
"This decision is in line with Shell's focus on performance, discipline and simplification, and on the high-grading of our chemicals portfolio."
It also confirmed its continued support for the project through its partnership with Basra Gas Company (BGC).
The Prime Minister directed the Ministries of Industry and Oil to study other options that are, "more responsive to the new reality of gas after signing the investment contract with the French company TotalEnergies, as well as to reconsider the size of the project, its design capacity, and other technical details."
(Sources: Ministry of Industry, Ministry of Oil, Argus Media, Reuters)
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