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

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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