ConocoPhillips exploring opportunities of further investment in Qatar

13-Dec-10
Energy major ConocoPhillips is looking at opportunities to invest further in Qatar's LNG and petrochemical industries besides working with QP on joint energy projects abroad, global CEO Jim Mulva has said, adding that "Qatar is a high priority country for ConocoPhillips." The company has successfully invested billions of dollars in liquefied natural gas and petrochemical projects. ConocoPhillips has collaborated with Qatar Petroleum since 1997 with the establishment of the Q Chem I joint venture. ConocoPhillips has since participated with Qatar in the Q Chem II and RLOC petrochemical ventures through its 50% ownership in ChevronPhillips Chemicals. ConocoPhillips' upstream collaboration (with Qatar) has been since 2003 through the development of Qatargas 3, a large-scale LNG project at Ras Laffan with a capacity of 7.8 mln tpa. It is also a shareholder in the Qatargas 4, a project with a similar capacity. Qatar, he said, is one of the most 'cost-competitive' places for manufacturing petrochemicals. This is because of the 'wonderful' supply of feedstock, which is the starting point in a petrochemical business. Resource-rich Qatar has adequate feedstock. It is ideally located with proximity to both the Asian and European markets. Qatar is an ideal place for the petrochemical business.
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