Iraq is pushing ahead with plans to build a petrochemical complex that could produce nearly two million tonnes per year and cost over $8 billion.

Officials from the Iraqi Oil Ministry met the contractors and consultants for Nibras petrochemical plant in Baghdad on Tuesday for talks on “a final concept” for the much-delayed project in the Southern oil hub of Basra.

After the meeting, Oil Ministry Undersecretary for gas Izzat Sabir “affirmed the need for speeding up plans to execute this project,” Aliqtisadia News said on Wednesday.

Sabir said the talks covered a report by the international consultant about the project details and the prepared economic feasibility study.

“We also discussed requirements for launching this strategic project which will largely support Iraq’s economy…we hope that we will be able to formulate a final concept with the partners after reviewing the report,” Sabir said.

Nibras, a joint venture with Shell, is expected to cost nearly $8.5 billion. The project will be completed within five-to-six years and will generate total revenues of around $90 billion during its 35-year operational period, according to the Oil Ministry.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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