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QP & Qapco to Build $5 Bln Petrochemicals Complex

Source: www.gulfoilandgas.com 2/13/2012, Location: Middle East

His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy & Industry and Chairman and Managing Director of Qatar Petroleum, today signed a Heads of Agreement (HOA) with Qatar Petrochemical Company (QAPCO) for the development of a new, mega-petrochemical complex in Ras Laffan Industrial City.

The complex includes a world-scale steam cracker, with the feedstock coming from natural gas plants in Ras Laffan. The project is scheduled for completion in 2018.

“This mega-project is yet another major step in our progress towards sustainable development of Qatar’s vast hydrocarbon resources as envisioned by His Highness the Emir Sheikh Hamad bin Khalifa Al Thani,” said H.E. Dr. Al-Sada. “It is an important milestone in the industrial development of the State of Qatar, especially for its petrochemical industry.”

Qatar Petroleum has an 80% equity interest in the project, with QAPCO taking up the remaining 20% stake. QP and QAPCO will jointly develop the petrochemical complex. QP and QAPCO have been working together for the past few months to plan the development of the project, which will contribute in meeting the continuously growing global demand for various petrochemical products.

The plant will produce 1.4 million metric tons per annum (MMTA) of ethylene, 850 thousand metric tons per annum (KMTA) of high-density polyethylene (HDPE), 430 KMTA of linear low-density polyethylene, 760 KMTA of polypropylene, 83 KMTA of butadiene. These products will be marketed primarily in high-growth markets in Asia, Africa and Latin America.

“This new project is a great example of implementing Qatar’s long-term strategy. It is definitely a key milestone in our long journey to become a significant global petrochemicals producer from the GCC region,” said Mr. Hamad Rashid Al-Mohannadi, Chairman of QAPCO. “In line with the directives of His Highness the Emir Sheikh Hamad Bin Khalifa Al Thani, the petrochemical complex will provide Qatar with the required solid foundation to extract optimal value from its abundant natural gas resources.”

As the State of Qatar continues to build upon its successes and further consolidates its position as the hydrocarbons hub of the region, the new petrochemical complex is expected to serve as an important milestone in integrating the country’s petrochemicals industry.

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