State-owned Qatar Petroleum said Monday it has signed a joint venture agreement with a consortium led by France's Total SA (TOT) to build a $1.5 billion condensate refinery in Ras Laffan Industrial City.
State-owned
Qatar
Petroleum said Monday it has signed a joint venture agreement with a consortium
led by
France
's
Total SA (TOT) to build a $1.5 billion condensate refinery in
Ras
Laffan
Industrial
City
.
Under the agreement, Qatar Petroleum will hold 84% of the Lafan Refinery 2, or
LR2, joint venture, Total will hold 10%, while
Japan
's
Idemitsu Kosan, Cosmo Oil, Marubeni Corp. and Mitsui will own the remaining
stake, the firm said in a statement.
Construction of the refinery, which will be operated by Qatargas, is expected
to be complete by the second half of 2016 and will have a total capacity of
146,000 barrels per day, the same size as Laffan Refinery 1, which started
operations in 2009.
It will have a daily production capacity of 60,000 barrels of naphtha, 53,000
barrels of jet fuel, 24,000 barrels of gas oil and 9,000 barrels of liquid
petroleum gas by refining condensate produced at
Qatar
's
North Field, which is one of the largest natural gas fields in the world,"
the statement said.
The new refinery "will give Ras Laffan a total installed condensate
refining capacity of about 300,000 barrels per day, making it one of the
largest single site facilities of its kind in the world,"
Qatar
's
Energy Minister Mohammed al-Sada said in the statement.
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