Government of Basra divided between the call of the Ministry of Oil and Industry
Government of Basra divided between the call of the Ministry of Oil to adopt the project "Nebras" Petrochemicals and demand the investor success of the project
2017/04/28 (18:01 PM) - Number of readings: 142 - Number (3910)
There is now a debate in the local government in Basra regarding the project "Nebras" petrochemicals, which is expected to be held on the land of Basra soon, as called for the oil and gas committee in the provincial council and the Ministry of Oil, to adopt this project instead of the Ministry of Industry, In the Council, that the elements of success depends on the funding policy, and that the investor is the sponsor of financing the project, as Shell is the largest shareholder.
"The project (Nebras) of petrochemicals, which the Ministry of Industry intends to set up, has not yet been able to provide the elements of the success of the project despite the participation of the local government in the province of Basra by 20% of its total value, while the Ministry of Oil expressed its willingness to adopt this project and provide the elements of success in Basra.
He called on the Ministry of Industry to approve the transfer of the management of the project to the Ministry of Oil, which has the elements to ensure its success, and determine a fixed proportion of it to the Ministry of Industry in order to expedite its implementation, "noting that" discussions with Dutch Shell, which were selected to implement the project, three years ago without reaching a final agreement on the project. "
"The Nebras project is an international petrochemical complex planned to provide profits of more than $ 100 billion and provide more than 8,000 jobs in its first phase," he added.
"The Nebras Petrochemical Industries Project is one of the largest industrial projects in the Middle East and works in partnership with four parties, the Dutch Shell, the Ministry of Industry and the local government in Basra, as well as the Ministry of Oil, "The project was under study in 2012, and has been agreed on the allocation of land in the area of Umm Qasr and Khor al-Zubayr, Shell signed a memorandum of understanding with the Iraqi government on the establishment of this investment project by 44% of it to Shell and 24% to the Ministry of Sun And 20 Ah% of the local government in Basra, as well as the South Gas Company contributes 10%. "
"The project is one of the fourth projects in the Middle East. Petrochemicals are sold before they are produced, which led the Iraqi government to proceed with this project, which is under construction under the management of the Ministry of Industry." another ministry, does not require that an investment project being funded by investors. "
The Ministry of Industry and Minerals signed an initial agreement with Shell International Investment Company in 2012 to develop a global petrochemical complex in the province of Basra, which will be named "Nebras", noting that the profits of the project will reach 110 billion dollars. employment opportunities, where it will be the fourth largest project in the world.
The province of Basra has announced earlier, that the year 2017 will see the completion of 139 supplementary projects, and the value of those projects will reach more than 84 billion dinars.
It is noteworthy that the financial crisis experienced by the country resulting from the sharp decline in world oil prices, led to the interruption of hundreds of service and investment projects in the provinces.