The Iraqi government has approved the construction site that is slated for the Nibras petrochemical project. The government has allocated 11 square kilometers of land for the construction of the project. Once completed, the project is set to be the world’s fourth-largest petrochemical complex based on the net production income it will generate. The site was approved in the Southern Oil hub by Basra Governor, Asaad Al-Idani. This shows that the Iraqi government is pushing ahead with its plans to build the petrochemical complex. The Nibras petrochemical project is expected to produce 1.8 million tonnes of petrochemicals annually.
There has been a significant delay in the Nibras Petrochemicals project manifestation after plans were announced earlier in 2015. This is because it has faced significant setbacks over the past few years such as financial constraints. It has also faced internal disputes that have dragged down its implementation. Despite the setbacks faced, the project is taking shape and it promises to enable the Iraqi government to optimize its resources. This will enable Iraq to trigger several other projects in Basra. The scope of the project includes the collaborative enterprise with Royal Dutch Shell, which is mandated with the project construction.
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Nibras Petrochemical Project is Expected to Consolidate Iraq’s Position as a Top-tier Petrochemical Producer
There is much hope that the Nibras Petrochemical project will consolidate Iraq’s position as a top-tier petrochemical producer. It also signifies another step forward as the country seeks to tap into its oil and gas potential. The Iraq government aims to generate numerous projects in Basra that will significantly contribute in a lot. This includes a contribution to Iraq’s economy when the project opens doors to start operations. The Nibras project also marks a milestone in the country’s journey to become a primary source in the Gulf region. It also sheds light on the nation’s commitment to advance its energy sector and become better.
