An MoU was signed between Qatar Petroleum (QP) on behalf of Qatar Holding Intermediate Industries Company (Waseeta) and the Korean firm Honam Petrochemical Corporation, to launch a multi-billion dollar petrochemical joint venture. The total annual capacity of the project, which is expected to come on stream by 2009, will be 1.7 million tons.
The joint venture is to be set up in the petrochemical complex at Qatar’s fast-expanding downstream industries capital, the Messaieed Industrial City at an investment of US$2.5bn and will produce key raw materials to meet global demand. A joint venture agreement between the two parties is to be signed over the coming months. The project will consist of three major plants each to produce propylene and polypropylene, styrene and polystyrene, aromatics and by-products. The propylene and polypropylene plant will have an annual capacity of 900,000 tons, the styrene and polystyrene plant with 600,000 tons capacity, while the aromatics plant will have 150,000 tons capacity. By-products will have a total capacity of 50,000 tons.
31-Dec-05 
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