Royal Dutch Shell has signed an $11 billion deal with Iraq to build a petrochemical plant in the city of Basra, Reuters reports. Iraq’s industry minister said today the new plant would make the nation the largest petrochemical producer in the Middle East. The plant is expected to come online within five to six years.
Earlier this month Shell and Qatar Petroleum scrapped plans to build a $6.4 billion petrochemical complex in the Ras Laffan Industrial City due to high capital costs and low oil prices.
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