revealed the Iraqi Ministry of Industry and Minerals is responsible, for negotiations with the Dutch Shell energy giant to increase the proportion of Iraq ‘s contribution to the establishment of a project [Nebras] investment in the field of petrochemical industries.
The statement quoted Abdul Wahab as saying that ” the meeting discussed obstacles and problems surrounding the allocation of land and the cost of raw materials necessary for the operation of the project and put forward proposals and treatments for overcoming these obstacles and resolve , ” stressing ” the need tospeed up the completion of the special Ard El – project and the preparation of networking planned actions.”
” We also discussed ways to reduce the cost of the project, which is valued at about $ 8 billion , and increase the contribution of the Iraqi side in the project where the percentage contribution of Shell about 76% , while the proportion of the contribution of the Ministry of Industry about 24% as the Iraqi partner Global Shell.”
And Abdel – Wahab said ” the agreement with the partnership is to create the largest complex of petrochemical industries in the region , and the completion period ranging from 5 to 6 years , which will make Iraq one of the largest producers of petrochemicals in the Middle East and achieve a profit of about $ 90 billion on an operational lifetime extension of 35 years and provides about 40 thousand jobs. ”
He pointed to the “discussed during the talks to a lot of technical issues related to units of production capacity of the project and service units and his agendas for the progress of the work that is going according to schedules planned , ” adding , “it was taken a number of decisions that contribute to speed up work in addition to the possibility of updating and discussion of the paragraphs of the law investment according to modern international standards for industrial investments, as well as discussing a new law that includes the establishment of holding companies in Iraq. ”
The Ministry of Industry to “that he had previously been a meeting between the Ministry of Industry and local government of Basra , to find solutions and to overcome obstacles and speed up the allocation of land for the project and the preparation of its own networking scheme , ” she said . “As the negotiations are still ongoing with the Ministry of Oil to enter as a partner strategic project next to the Ministry of Industry so as to achieve greater economic returns to the country through this project. “