Iraq has been locked in negotiations with Shell for a final agreement on the construction of an $8.5 billion Nibras petrochemical plant, the country’s Oil Minister has said.

Hayan Abdel Ghani said Baghdad is pushing ahead with the much-delayed project for which his ministry has assured gas supplies.

He told the Iraqi News Agency after heading a meeting of the project committee on Wednesday that there has been talks with the partners with the aim of “reaching a final formula” to launch the project.

Shell owns 49 percent of Nibras while the remaining 51 percent is shared equally between Iraq’s Oil and Industry Ministries.

Officials said in early 2023 the project in South Iraq, with a capacity of 1.8 million tonnes per year, would be completed within 4-5 years and would fetch Iraq nearly $90 billion during its 35-year operational period.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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