The Iraqi Ministry of Industry and Minerals announced on Sunday negotiations with the Dutch Shell Energy giant to increase the contribution of Iraq to the establishment of investment project (Nebras) in the field of petrochemical industries.
The Ministry of Industry and Minerals held a new round of talks with Dutch Shell, which included a number of technical, financial and legal issues related to the implementation of Nabras investment project in the field of petrochemical industries and the possibility of creating success factors in the presence of the vice president The project management committee in the ministry Abdul Karim Abdul Wahab and a number of specialists with the delegation of Shell International ".
"The meeting discussed the obstacles and problems surrounding the allocation of land and the cost of the raw materials needed to run the project and put forward proposals and treatments to overcome these obstacles and solve them," the statement added.
He also pointed out the ways to reduce the cost of the project, estimated at about 8 billion dollars and increase the contribution of the Iraqi side in the project, where the contribution rate of Shell about 76%, while the contribution of the Ministry of Industry about 24% as the Iraqi partner of Shell International.
He pointed out that "the agreement with the partnership is for the establishment of the largest petrochemical complex in the region and a period of completion between 5 to 6 years, which will make Iraq one of the largest producers of petrochemicals in the Middle East and achieve profits estimated at 90 billion dollars over the operational life of 35 years and provides about 40 1,000 jobs. "
He pointed out that "discussing during the discussions to a lot of technical matters related to the production units of the project and its service units and schedules of work progress, which go according to the planned schedules," adding that "was taken a number of decisions that contribute to speed up work in addition to the possibility to update and discuss paragraphs of the law Investment according to modern international standards for industrial investments, as well as discuss a new law that includes the establishment of holding companies in Iraq. "
The statement said that "a meeting has already been held between the Ministry of Industry and the local government of Basra to find solutions and overcome obstacles and accelerate the allocation of land project and the preparation of the scheme of its own network," adding that "negotiations are still underway with the Ministry of Oil to enter as a strategic partner in the project beside the Ministry of Industry, To achieve the largest economic returns to the country through this project. "
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The Ministry of Industry and Minerals held a new round of talks with Dutch Shell, which included a number of technical, financial and legal issues related to the implementation of Nabras investment project in the field of petrochemical industries and the possibility of creating success factors in the presence of the vice president The project management committee in the ministry Abdul Karim Abdul Wahab and a number of specialists with the delegation of Shell International ".
"The meeting discussed the obstacles and problems surrounding the allocation of land and the cost of the raw materials needed to run the project and put forward proposals and treatments to overcome these obstacles and solve them," the statement added.
He also pointed out the ways to reduce the cost of the project, estimated at about 8 billion dollars and increase the contribution of the Iraqi side in the project, where the contribution rate of Shell about 76%, while the contribution of the Ministry of Industry about 24% as the Iraqi partner of Shell International.
He pointed out that "the agreement with the partnership is for the establishment of the largest petrochemical complex in the region and a period of completion between 5 to 6 years, which will make Iraq one of the largest producers of petrochemicals in the Middle East and achieve profits estimated at 90 billion dollars over the operational life of 35 years and provides about 40 1,000 jobs. "
He pointed out that "discussing during the discussions to a lot of technical matters related to the production units of the project and its service units and schedules of work progress, which go according to the planned schedules," adding that "was taken a number of decisions that contribute to speed up work in addition to the possibility to update and discuss paragraphs of the law Investment according to modern international standards for industrial investments, as well as discuss a new law that includes the establishment of holding companies in Iraq. "
The statement said that "a meeting has already been held between the Ministry of Industry and the local government of Basra to find solutions and overcome obstacles and accelerate the allocation of land project and the preparation of the scheme of its own network," adding that "negotiations are still underway with the Ministry of Oil to enter as a strategic partner in the project beside the Ministry of Industry, To achieve the largest economic returns to the country through this project. "
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