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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's withdrawal, full details of the largest project in the Middle East were revealed

    Rocky
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    After Shell's withdrawal, full details of the largest project in the Middle East were revealed Empty After Shell's withdrawal, full details of the largest project in the Middle East were revealed

    Post by Rocky Thu 15 Feb 2024, 4:45 am

    After Shell's withdrawal, full details of the largest project in the Middle East were revealed
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    Baghdad today - Baghdad
    Today, Thursday (February 15, 2024), economic expert Nabil Al-Marsoumi published full details about the “Nibras Complex” project to produce methane gas from natural gas, describing it as the “largest” petrochemical project in the Middle East.
    Project name: Nibras Complex 
    Project description: The largest petrochemical project in the Middle East
    Production capacity: two million tons of polyethylene with a refinery with a capacity of 300 thousand barrels per day 
    Production input: methane gas produced from natural gas 
    The project's strategic importance: It constitutes a solid industrial base that supports the plastic and rubber industries, and all related industries
    Estimated project cost: $11 billion
    Manpower: The project will provide about 40,000 job opportunities 
    Expected revenues: $1.4 billion annually 
    Date of start of negotiations between Shell and the Ministry of Oil: 2015
    Distribution of shares: 49% to Shell and 51% to the Ministries of Oil and Industry 
    Shell’s withdrawal date from the project: 2/13/2024
    Al-Marsoumi explained, “The reasons for Shell’s withdrawal of this decision are in line with Shell’s focus on performance, discipline, and simplification, and the change in Shell’s strategy regarding petrochemical projects. However, this decision, in fact, which is Shell’s third withdrawal after its withdrawal from the Majnoon and West Qurna fields, may be related to the dispute.” With the Iraqi side regarding the commissions that Shell estimates at between 3 and 4 billion dollars, and the turbulent security situation and the mutual military attacks that Iraq witnessed recently are what hastened Shell’s withdrawal from the project.”
    Yesterday, Wednesday, economic expert Nabil Al-Marsoumi explained the extent to which Shell’s withdrawal from the “Nebras” project was linked to logistical or security problems. 
    Al-Marsoumi said in a blog post followed by "Baghdad Today", "The history of the project dates back to June 2015 when Shell signed the original deal to build and implement the Nebras Petrochemical Industries Complex project in Basra, the cost of its construction at the time was estimated at 11 billion." 
    Entering the production stage 
    He added, "It was hoped that the project would enter the production stage within five to six years, and that it would make Iraq the largest producer of petrochemical industries in the Middle East, with a production capacity of at least 1.8 million metric tons annually of various petrochemical products."
    He pointed out that "the ethane associated with the associated gas is the main feeder for the new Iraq complex for petrochemical products in Nebras, as it is used in the Saudi city of Jubail for petrochemical products."
    Shell's problems 
    Al-Marsoumi explained, “Iraq possesses high levels of associated gas and that its manufacture will be one of the components of Iraq’s progress in producing these oil derivatives,” noting that “Shell faced two major problems in moving forward with the implementation of the project: the first was logistical, represented by the company’s withdrawal. Shell from its work in the Majnoon and West Qurna 1 oil fields. The second is a moral problem related to the extent of the possibility of applying the commission rate in Iraqi oil contracts, as the cost specified in the contract is 11 billion dollars, but the amount of the additional commission according to Shell’s calculation is between 3 and 4 billion. Another dollar. 
    He pointed out that "the turbulent security situation in Iraq has added another reason for Shell's withdrawal from the project."
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