Qatar Petroleum, Qapco ink agreement for US$5.5 bln stream cracker petrochem complex by 2018

Qatar Petroleum and Qapco have signed a heads of agreement (HoA) for a 80:20 joint venture, which will produce 1.4 mln tpa of ethylene, 850,000 tpa of high-density polyethylene (HDPE), 760,000 tpa of polypropylene, 430,000 tpa of linear low-density polyethylene, 125,000 tpa of pyrolysis gasoline and 83,000 tpa of butadiene. The project will use feedstock from natural gas plants at Ras Laffan. Qapco is jointly owned by Industries Qatar with an 80% stake and France’s Total (20%). 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 petrochemical products. Ras Laffan has been chosen as the location for the $5.5bn joint venture steam cracker after a detailed feasibility study. Terming the project “strategically important” for Qatar, HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada, also QP chairman and managing director said, “We target the project completion by 2018. The petrochemical products from the plant will mainly be sold to high-growth and emerging markets in Asia, Africa and Latin America. Upon completion of necessary formalities, we will announce the new project name.” “This mega-project is yet another major step in our progress towards sustainable development of Qatar’s vast hydrocarbon resources as envisioned by HH the Emir Sheikh Hamad bin Khalifa al-Thani. It is an important milestone in Qatar’s industrial development, especially for its petrochemical industry,” al-Sada said.
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