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Shell halts Iraqi chemical project amid global review

Reuters
·1-min read
A view shows a logo of Shell petrol station in South East London

LONDON (Reuters) - Shell said on Tuesday it will not proceed with the Nebras petrochemical project in southern Iraq as part of its review of its operations in the sector that has seen a sharp drop in profits in recent years.

"After in-depth evaluation on the feasibility of the Nebras integrated petrochemicals complex with our government partners, Shell has decided not to proceed with the project," a spokesperson said in a statement.

Shell is seeking buyers for its oil refining and petrochemicals plant in Singapore.

"Shell will continue to play a vital role in Iraq's energy landscape through our partnership in the Basra Gas Company (BGC) joint venture as the main gas processing entity in Iraq," the company said.

(Reporting by Ron Bousso; Editing by Ros Russell)