'Shift in investment strategy'

Shell withdraws from Nebras petrochemical project discussions in Iraq

BAGHDAD — Royal Dutch Shell formally apologized to Iraq on Tuesday for its withdrawal as a key investor in the Nebras Petrochemicals Project, attributing the decision to a shift in its investment strategy. Despite this, Shell confirmed its continued support for the project through its partnership with the Basra Gas Company.

The Ministry of Industry, in a statement obtained by 964media, announced Shell’s exit from discussions with the ministries of industry and oil, and the global consultancy Genesis concerning the Nebras Petrochemicals Project. The company promised to provide all initial contributions made to the project through its collaboration with Basra Gas Company.

The prime minister has directed the ministries of industry and oil to seek alternative solutions that align with the new gas landscape following an investment agreement with France’s Total. This includes reassessing the project’s size, design capacity, and technical details.

In December, Prime Minister Mohammed Shia’ Al-Sudani, emphasized the significance of overcoming delays and obstacles to expedite the Nebras Petrochemicals project, underscoring the need to fulfill the Iraqi market’s demand for raw petrochemical materials to enhance national industry and local production.

Statement from the Prime Minister's office on Nebras petrochemicals project

Statement from the Prime Minister's office on Nebras petrochemicals project