Exxon Mobil to ink agreement with Qatar Petroleum for new petrochemical project

Exxon Mobil Corp. plans to sign an agreement with state-run Qatar Petroleum for a new petrochemical project to be built in Qatar. Exxon Mobil currently holds stakes in 12 liquefied natural gas production units in Qatar as well as a condensate refinery. For about six months, ExxonMobil has been evaluating formation of a joint venture with Qatar to process the country’s natural gas into petrochemicals for export to China. Qatar is increasing its production of petrochemicals to mirror rising natural gas and liquid petroleum gas output. Natural gas production is expected to reach 23 bln3 ft/day by 2014, while LPG output will increase by 4 mln tpa to 12 mln tpa within 24 months.
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