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The giant "Nibras" petrochemical project will soon see the light
Iraq 2023/05/13
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Raghad Daham
After 8 years of obstacles, delays and routine, the Iraqi economy is awaiting the launch of the "Nibras" project for petrochemical industries in Basra Governorate, which is the largest in the Middle East, with a production of 1.8 million tons of petrochemical materials and annual profits of more than 1.4 billion dollars.
The project manager, Hussein Muhammad Ali, said in an interview with "Al-Sabah": "The production capacity of the project includes the production of one million and 820 thousand tons of various petrochemical products, and that its location will be in the Basra Governorate, Khor Al-Zubayr," pointing out that "the project includes two phases; the first is preparation Study and designs, and the other direct implementation stage.
And he indicated that "the estimated cost of the project amounts to 8 billion and 540 million US dollars, and its annual profit returns are estimated at 1.4 billion US dollars," noting that "Iraq's participation in the project amounts to 51% equally between (the ministries of industry and oil), while the company ( Shell Chemicals) will participate by 49%.
He continued, "The basic principles of the Nibras project were signed on January 28, 2015, according to a decision of the Council of Ministers at the time, and that it included several studies," noting that "the positive benefits of the project for Iraq are diverse and include building a giant industry and making Basra a station of interest for global investors."
He added, "The project will exploit surpluses of natural gas and attract foreign capital, in addition to providing large job opportunities during the construction period, estimated at 40,000 mobile job opportunities, in addition to exploiting job opportunities during production operations."
Ali pointed out that "the project takes into account the establishment of transport lines and small railways inside Basra, and the establishment of hundreds of factories specialized in plastic and rubber industries in all governorates will be reflected in the creation of hundreds of job opportunities in each governorate." It is safe and environmentally friendly and the establishment of residential complexes,” noting that “the cabinet issued a decision to subsidize the price of gas supplied by the project, and the support is through the Ministry of Finance, and the decision also resolved the land file and the obstacles that were hovering around the project.”
Ali concluded, "We are now in the process of procedures for the issuance of title deeds, and the file will be resolved within two weeks from now, and the project is greatly supported by the Council of Ministers and the Prime Minister personally," expecting to "lay the foundation stone for the Nibras project in the coming days."
In the context, the oil expert, Hamza Al-Jawahiri, told Al-Sabah: "Everyone is looking forward to the Al-Nibras project, which is in partnership with (Shell), which is one of the large international companies, and that it is one of the global investment projects."
Al-Jawahiri added, "Everyone is waiting for the establishment of this project, and the current government has resolved the point of disagreement between the parties to the project related to the reduced price of gas," stressing that "this project will contribute to the employment of tens of thousands of manpower, engineers, and others."
Edited by: Muhammad Al-Ansari
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