(MENAFN- Iraq Business News) By John Lee.

Iraq's Deputy Minister of Oil for Gas has emphasized the importance of expediting the implementation of the Nebras [Nibras] Petrochemical Project .

During a meeting held at the Ministry of Oil's headquarters, discussions revolved around reviewing the preliminary report by a global consultant regarding the project's components, economic feasibility study, and the necessary steps for its successful execution. The goal is to achieve the highest financial and economic benefit for Iraq and the project's stakeholders.

The spokesperson for the Ministry of Oil, Asim Jihad, explained that the Nibras Petrochemical Project aims to establish a massive industry in this sector, divided into two phases: the first phase involves conducting studies and designs, while the second phase entails the actual implementation. The project's fundamental principles were agreed upon by the Cabin January 2015.

Jihad noted that the project relies on utilizing natural gas surpluses to produce a variety of petrochemical products, with a planned annual production capacity of approximately two million tons. This will form a robust industrial base, supporting plastic and rubber industries, among others, tenhancing private sector factories and facilities.

Additionally, the Nibras project is expected to create more than 40,000 employment opportunities and generate significant financial revenues that will support national economic growth and sustainable development. The project involves collaboration between the Ministries of Oil and Industry, along with the international company Shell and other designated entities, pending the finalization of the project's format.

(Source: Ministry of Oil)

The post Iraq Urges Swift Implementation of Nebras Petrochemical Project first appeared on Iraq Business News .

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