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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    After Shell withdrew from the Nebras project in Iraq.. What do you know about it?

    Rocky
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    After Shell withdrew from the Nebras project in Iraq.. What do you know about it? Empty After Shell withdrew from the Nebras project in Iraq.. What do you know about it?

    Post by Rocky Wed 14 Feb 2024, 4:06 am

    [size=35][size=35]After Shell withdrew from the Nebras project in Iraq.. What do you know about it?[/size][/size]
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    Economy

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    02-14-2024 | 04:01
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    Al-Sumaria News - Economy

    The largest petrochemical plant in the Middle East has returned to square one again, after the international company Shell shocked Iraq by announcing its withdrawal from implementing the giant project.


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    Yesterday, Tuesday, February 13 (2024), Iraqi Prime Minister Muhammad Shiaa Al-Sudani issued a directive to the Ministries of Oil and Industry regarding the Nebras Chemical Industries Project, after Shell apologized for the project.

    The Dutch company Shell apologized for continuing discussions to develop the largest petrochemical plant in the Middle East as a major investor, while confirming that it would continue to support the project through its partnership with the Basra Gas Company, according to what was seen by the specialized energy platform.



    New Options
    The Iraqi Prime Minister directed the Ministries of Industry and Oil to study other options that are more responsive to the new gas reality after signing the investment contract with the French company Total, and to re-examine the size of the project, its design capacity, and other technical details.

    This comes within the framework of Iraq's plans to move forward with the implementation of the Nebras project, the largest petrochemical plant in the Middle East, and remove all obstacles and challenges that delayed the start of its implementation.

    Since signing its contracts in 2015, the project for the largest petrochemical plant in the Middle East has faced delays due to a lack of liquidity and internal conflicts, as Shell was scheduled to own 49% of the project’s shares, while the Iraqi Ministries of Oil and Industry would control 51%.

    The project aims to benefit from Iraq's vast gas resources and establish additional projects in Basra, making the country a major producer of petrochemicals.

    Nebras Petrochemical Project In this report
    , the specialized energy platform reviews the most important information about the Nebras Project, which was planned to be the largest petrochemical plant in the Middle East.

    *It aims to build a giant industry in petrochemicals, and is implemented in two stages, the first is preparing the study and designs, and the other stage is direct implementation.
    *The basic principles of the project were signed with Shell by a Cabinet decision on January 28, 2015.
    *It includes a refinery with a capacity of 300,000 barrels, next to a huge petrochemical plant.
    *It depends on exploiting natural gas surpluses to manufacture various petrochemical products.
    *It will be implemented in Basra Governorate, and aims to provide more than 40,000 job opportunities.
    *The investment value of the project amounts to $11 billion, with a production capacity of 2.8 million tons per year of polyethylene.
    *It is expected to generate net profits of approximately $1.4 billion annually, making it the fourth largest petrochemical complex in the world.

    The project is of interest to the Iraqi government because of the financial returns and social gains it will achieve, as the state is counting on it to strengthen its position in the petrochemical industry. 
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