Iraq’s oil minister, Ahsan Ismail, reiterated the country’s willingness to progress with the implementation of the Nebras project to strengthen Iraq as a global player in the petrochemicals market, according to a press release.

Ismail added that in the last few days the ministry had intensified meetings with the relevant authorities. An agreement has been reached to speed up the required procedures to finalize the contractual and legal procedures with the concerned parties before the end of this year. The agreement also includes Dutch Shell International.

The planned production capacity of Polyethylene at the Nebras project will be 1.8 million tons per year.

The Ministry of Oil is willing to cover the project’s feed gas needs over the coming years of the operation.

For the strategic Nebras project, the Ministry of Industry holds a 25.5% stake, the Ministry of Oil with also a 25.5% share, and 49% for Shell International.