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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