IRVING, Texas (June 24, 2004) - Qatar Petroleum and ExxonMobil Chemical Company, a division of Exxon Mobil Corporation, announced today that they have signed a Statement of Intent (SOI) to conduct a feasibility study for a world-scale, ethane-based cracker and ethylene derivatives complex in Ras Laffan Industrial City, Qatar. The SOI was signed by H.E. Abdullah bin Hamad Al-Attiyah, Qatar's second deputy premier, minister of energy and industry and chairman of Qatar Petroleum, and by Mr. Daniel S. Sanders, president, ExxonMobil Chemical Company.
The Qatar Petroleum and ExxonMobil joint study will define the technical and commercial aspects of a world-class petrochemical growth platform in Qatar. The complex will utilize ethane feedstock from new gas development projects in Qatar's North Field and supply competitively advantaged products to Asia and Europe.
"The signing of today's agreement supports Qatar's diversification plan and demonstrates further the government's continued implementation of its strategy to integrate upstream and downstream development and to expand its industrial base," said H.E. Abdullah bin Hamad Al-Attiyah. "Our success to date has mainly resulted from the vision and wise leadership of HH the Emir of Qatar and the continued dedication and commitment from Qatar Petroleum and ExxonMobil."
"ExxonMobil is pleased to play a significant role in supporting Qatar's diversification strategy," said Mr. Sanders. "We believe the proposed project will serve as a platform for future growth to assist the State of Qatar in its goal of becoming a leader among petrochemical producers in the region. We look forward to working with Qatar Petroleum to develop plans for a world-class petrochemical project at Ras Laffan, building on our unique capabilities and successful upstream partnership."
Exxon Mobil Corporation, through its subsidiaries, has had a presence in Qatar since 1935. Qatar Petroleum and ExxonMobil are currently working together to diversify the use of the North Field gas into new areas in addition to LNG, including the supply of pipeline gas to domestic and regional customers, Gas-to-Liquids (GTL) and other projects.