The Saudi Basic Industries Corp (Sabic) is in talks with the Iraqi government to become a partner in country’s Nebras petrochemical project in southern Iraq.
A Reuters report quoted a senior government official as saying, during an oil industry event in Germany, that talks between Saudi Arabia and Iraq on the project are “advanced” and at the “ministerial level”.
The official said that Saudi state-owned petrochemicals giant Sabic would enter as a fourth partner for the Nebras downstream project with Shell and the Iraqi Oil and Agriculture ministries.
The Riyadh Stock Exchange-listed Sabic was said to be planning to open an office in Iraq last year.
The Nebras project is still in the pre-Feed (front end engineering design) stage.
The Iraqi Oil ministry has announced in a statement on its website that it had discussed with energy stakeholders gathered in the Berlin event its plans for developing the oil and gas sector, and the opportunities it presents to investors.
The statement did not specify however if the ministry discussed the Nebras petrochemical project with the event attendees.
Last year, Shell cited the reason for selling its stake in Iraq’s Majnoon oil field as being its increased focus on gas and petrochemicals projects in the country, particularly the Nebras project.
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