Qatar Petroleum International to invest in petrochemical plants in China and Vietnam

19-Nov-09
Qatar Petroleum International plans to invest in petrochemical plants in China and Vietnam by 2015 to tap demand in the world’s fastest-growing region as it seeks new markets for its LPG output. In China, the Qatari major will partner CNOOC Ltd. and another Chinese petrochemicals maker to construct a US$5.8 bln plant in Hainan province, and in Vietnam it will invest US$4 bln. Both these JVs will use Qatari liquefied petroleum gas as feedstock to produce chemicals. Qatar’s share of investment remains undisclosed. Qatar is in preliminary talks with Vietnam Oil & Gas Group (PetroVietnam) Itochu Corp. and a Thai company. The Hainan plant planned with capacity to process 3.8 mln tpa of LPG awaits approval from the National Development and Reform Commission, China’s top economic planner, in H2-2010. Qatar plans to double its LPG output to 12 mln metric tons by 2010. This month has been beneficial for Qatar Petroleum International as it agreed to buy a stake in two petrochemical ventures held by Royal Dutch Shell Plc in Singapore, and it reached an agreement to sell to China National Offshore Oil Corp., an additional 3 mln tpa of Qatari liquefied natural gas.
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