QAPCO to proceed with petrochemical complex project in Ras Laffa

29-Jun-12

Qatar Petrochemical Company (QAPCO) has confirmed that the planned US$ 5.5 bln Ras Laffan Mega Petrochemical Complex Project is on schedule in accordance with the original timetable and scope, and that no changes to either are currently under consideration. Dr. Mohammed Yousef Al-Mulla, QAPCO Vice Chairman and CEO, said "We are proceeding with the project as per the announced scope, size, and shareholding pattern, and hopefully our facility will be commissioned on the scheduled date. No changes on the ownership of the project have taken place; Total Exploration and Production is our partner in QAPCO ownership, and will have a stake of QAPCO's share from the project, as per our Joint Venture agreement." The complex, which will be built at an estimated investment cost of QAR20.1 bln (US5.5 bln) includes a world scale steam cracker, with the feedstock coming from natural gas projects located in the north of Qatar. The project will be carried out on a lump sum turnkey basis and is scheduled for completion in 2018. Qatar Petroleum has an 80% equity interest in the project, with QAPCO taking up the remaining 20% stake. QP and QAPCO will jointly develop the petrochemical complex, which will feature industry leading, proprietary technology. Teams from QP and QAPCO have been working together for the past few months to plan the development of the project, which will contribute in meeting the continuously growing global demand for various types of petrochemical products.