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Iraq signed an agreement worth $ 11 billion with Shell to set up a petrochemical complex
Twilight News Naseer al-Issawi, the Iraqi Minister of Industry Wednesday / said that Royal Dutch Shell signed Atakkaka worth $ 11 billion with Iraq to build a petrochemical complex in the oil hub of Basra in the south of the country.
alt Issawi said at a news conference in Baghdad, Reuters reported and seen by "Twilight News" The beacon petrochemical complex will make Iraq the largest producer of petrochemicals in the Middle East.
Was not immediately clear expected output of the complex size. It is expected to start operation of the complex within five to six years.
Issawi said that the complex will be one of the largest foreign investment in Iraq and the most important project in the petrochemical sector in the Middle East.
The Shell spokesman said that the Iraqi Council of Ministers approved the project in January 13 January.
He added, "Shell is working with the Ministry of Industry and Minerals and is working with the ministries of oil and transport for the development of joint investment to compound on a world-class petrochemical cracker and derivatives in southern Iraq model."
Shell, one of the major producers of oil in southern Iraq and had signed a memorandum of understanding with the Ministry on the project in 2012.
The company manages the Majnoon field and lead the joint venture to Basra Gas Company.
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