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Shell Pulls Out of Talks on Significant Petrochemical Project in Iraq

2/14/2024

After nearly a decade of working to get the large Nebras petrochemical project up and going, Shell has chosen to cease its talks with the Oil Ministry of Iraq.

In February 2024, the Iraq Oil Ministry confirmed that Shell would not continue as a “major investor” in the project. Cost figures for Nebras in years past have been as high as $11 billion USD, but had settled down to a figure closer to $8.5 billion USD in recent times in order to reach a capacity of 1.8 million tons per year at its projected peak. This exit by Shell could be a lasting impact on Iraq’s aspirations for new foreign investments in the region.