Iraq seeks to speed up petrochem complex in Basra to diversify income: Oil minister

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Iraq is aiming to have legal and contractual measures in place by the end of the year for a plant in Basra that could make country the region's largest petrochemical producer, Iraqi Oil Minister Ihsan Abdul Jabbar said in a statement on Monday.

In 2015, Royal Dutch Shell signed a deal with Iraq worth $11 billion to build a petrochemicals plant in Basra, part of Iraq's plans to diversify its income.

The Nebras complex is still in the pre-FEED (front end engineering design) stage.

“In the last few days, the ministry has intensified meetings with the relevant authorities ... and agreed to speed up the required procedures ... finalize the contractual and legal procedures with the concerned parties before the end of this year, including Shell International...,” the statement said.

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