📋 Tender Overview
Scope of Work:
Construction of Giant petrochemicals project in Iraq.
Description:
The project, a joint venture with the Royal Dutch Shell, could cost nearly $8.5 billion and would have a production capacity of around 1.8 million tonnes per year. Nibras, based in the Southern oil hub of Basra, would generate net earnings of nearly $1.4 billion per year and that Shell would own 49 percent of its shares. The Iraqi Oil and Industry Ministries will control 51 percent of the project, believed to be the world's fourth largest petrochemical complex. The project will be completed within 5-6 years and will generate total revenues of around $90 billion during its 35-year operational period. The project was signed in 2015 but was blocked by cash shortages and internal conflicts, adding that it would turn Iraq into a global petrochemical producer.
Previous Events:
November 2023- Iraq has been locked in negotiations with Shell for a final agreement on the construction of an $8.5 billion Nibras petrochemical plant.
May 2023- Saudi Arabia could subscribe to the giant Nibras petrochemical project which will be built in Iraq by UK-headquartered Shell.
May 2023- OPEC oil producer Iraq will launch Nibras project for the construction of the region's largest petrochemical plant within a few days. Now this is in the process of issuing ownership documents.
