Iraq is set to launch the ‘Nibras’ project, a joint venture with Royal Dutch Shell, to construct the largest petrochemical plant in the region. The project, with an estimated cost of $8.5 billion, aims for a production capacity of 1.8 million tonnes per year. Based in the Southern oil hub of Basra, the plant will utilize Iraq’s gas resources to position the country as a global petrochemical producer. The project is expected to be completed in 5-6 years and generate revenues of approximately $90 billion over its 35-year operational period.
- Iraq set to launch giant petrochemicals project