Iraq to launch a new petrochemical plant in Basra set to cost $8.5 billion
Initially signed in 2015 but held back due to financial and internal issues, the project is expected to take about 5-6 years to complete
Iraq is about to open a new petrochemical plant in Basra in a joint venture with Royal Dutch Shell, projected to be the largest petrochemical plant in the region. The construction is expected to cost up to $8.5 billion as per reports from Zawya Projects.
The plant is projected to generate a production capacity of 1.8 million tons per year and rack up net earnings of nearly $1.4 billion yearly, propelling it to be the fourth-largest petrochemical complex. Iraq’s Oil and Industry Ministries will be responsible for 51% of the company shares while the other 49% will be given to Shell.
Initially signed in 2015 but held back due to financial and internal issues, the project is expected to take about 5-6 years to complete and is estimated to garner $90 billion during its 35-year operational timeline.