AlwaysFree: Iraq To Accelerate Plans For Nebras Petrochemical Project With Shell

Iraq’s oil minister Ihsan Ismaael on Monday said the country would accelerate plans for the $8-billion Nebras petrochemical project it developed with Shell. The Iraqi government and Shell signed a memorandum of understanding on the Nebras project in 2012. The oil and industry ministries have held meetings to speed up the project and aimed at finalizing all legal and contractual terms by year-end. The project is located in Basra and will process ethane to produce 1.8 million tons/year of polyethylene, according to Ismaael. Shell holds a 49% interest in the project, while the oil and industry ministries own a 25% stake each.