Monday, Mar 12, 2012
BEIRUT (Zawya Dow Jones)--Qatar Petrochemical Co., or Qapco, has signed a 604 million Qatari riyals ($165.9 million) contract with Taiwan's engineering and construction firm CTCI Corp. (9933.TW) to implement the first phase of a project to develop and expand its local ethylene plant, Doha-based Asharq daily reports Monday.
The first phase, which involves replacing the plant's main production furnaces and its ethylene storage units, will also include optional additional works of QAR176 million, Mohammed Al Mulla, Qapco's vice chairman and chief executive, said according to the paper.
Qapco, plans to develop this project, located in Mesaieed Industrial City, in two phases at a total cost of QAR2 billion, in order to boost its overall ethylene production capacity to between 950,000 and 1 million metric tons, the daily cites him as saying.
The second phase's tender is under study now and the related deals are expected to be awarded in the first quarter of 2013, Mulla said, Asharq reports.
Qapco is a joint venture between Industries Qatar and France's oil major Total with stakes of 80% and 20% respectively, according to Zawya.com data.
Newspaper website: http://www.al-sharq.com/articles/more.php?id=282801
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
12-03-12 0903GMT
