BREAKING NEWS

Shell signs $11b. deal to build Iraqi oil plant

By REUTERS

JANUARY 28, 2015 10:15

BAGHDAD - Royal Dutch Shell signed a deal with Iraq worth $11 billion to build a petrochemicals plant in the southern oil hub of Basra, Industry Minister Nasser al-Esawi said on Wednesday.

Esawi told a press conference in Baghdad the Nibras complex, which is expected to come on line within five to six years, would make Iraq the largest petrochemical producer in the Middle East. The factory's expected output was not immediately clear.

Shell, which is one of the main oil majors operating in south of Iraq, signed a memorandum of understanding with the ministry for the project in 2012.

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