Shell signs US$11b deal to build petrochemicals plant in Iraq

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

Mr 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.

REUTERS