Qatar will build a $5.5 billion petrochemical plant in the northern industrial city of Ras Laffan by 2018, as the Gulf state steps up investment to utilize its huge gas reserves.
Qatar
will
build a $5.5 billion petrochemical plant in the northern industrial city of
Ras
Laffan
by 2018, as the Gulf state steps up investment to
utilize its huge gas reserves.
State-controlled Qatar Petroleum and Qatar Petrochemical Co, or QAPCO, signed a
heads of agreement Monday to build a multi-billion dollar ethane and butane
cracker that will produce 1.4 million tons per year of ethylene which, along
with other products such as polyethylene, will be marketed abroad, Qatar's oil
minister Mohammed bin Saleh Al Sada told reporters Monday.
"The complex will produce cost-competitive petrochemicals products and
these would be marketed in high-growth and emerging markets, primarily in the
Asia
,
Africa
and
Latin
America
," he said. Feedstock will come from natural gas plants in Ras
Laffan, Al Sada added.
Qatar
, the
world's largest exporter of liquefied natural gas, is looking to diversify
state revenues beyond oil and gas sales by expanding its petrochemical sector
to exploit its gas reserves--the third largest in the world.
The
Arab
Gulf
state
intends to more than double its annual petrochemical production by 2020,
increasing output to 23 million tons from a current level of 9.3 million tons.
Ethane is a component of gas used to make ethylene, a commonly produced
petrochemical. QP has an 80% stake in the project, while QAPCO holds the other
20%.
In December Qatar Petroleum and Royal Dutch Shell PLC (RDSA.LN) agreed to build
a separate large-scale petrochemical project in Ras Laffan capable of producing
1.5 million tons per year of mono-ethylene glycol.
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