Feb 13 2012 |
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QP and QAPCO sign heads of agreement
Doha, Qatar · 13 February 2012 - His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy & Industry and Chairman and Managing Director of Qatar Petroleum , today signed a Heads of Agreement (HOA) with Qatar Petrochemical Company ( QAPCO ) for the development of a new, mega-petrochemical complex in Ras Laffan Industrial City.
The complex includes a world-scale steam cracker, with the feedstock coming from natural gas plants in Ras Laffan. The project is scheduled for completion in 2018.
"This mega-project is yet another major step in our progress towards sustainable development of Qatar's vast hydrocarbon resources as envisioned by His Highness the Emir Sheikh Hamad bin Khalifa Al Thani," said H.E. Dr. Al-Sada. "It is an important milestone in the industrial development of the State of Qatar, especially for its petrochemical industry."
Qatar Petroleum has an 80% equity interest in the project, with QAPCO taking up the remaining 20% stake. QP and QAPCO will jointly develop the petrochemical complex. 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.
The plant will produce 1.4 million metric tons per annum (MMTA) of ethylene, 850 thousand metric tons per annum (KMTA) of high-density polyethylene (HDPE), 430 KMTA of linear low-density polyethylene, 760 KMTA of polypropylene, 83 KMTA of butadiene. These products will be marketed primarily in high-growth markets in Asia, Africa and Latin America.
"This new project is a great example of implementing Qatar's long-term strategy. It is definitely a key milestone in our long journey to become a significant global petrochemicals producer from the GCC region," said Mr. Hamad Rashid Al-Mohannadi, Chairman of QAPCO . "In line with the directives of His Highness the Emir Sheikh Hamad Bin Khalifa Al Thani, the petrochemical complex will provide Qatar with the required solid foundation to extract optimal value from its abundant natural gas resources."
As the State of Qatar continues to build upon its successes and further consolidates its position as the hydrocarbons hub of the region, the new petrochemical complex is expected to serve as an important milestone in integrating the country's petrochemicals industry.
About QP
Qatar Petroleum
(
QP
), formerly Qatar General Petroleum Corporation, is a state-owned corporation established by Emiri Decree No. 10 in 1974. It is responsible for all phases of the oil and gas industry in the State of Qatar.
The principal activities of QP and its subsidiaries and joint ventures cover the exploration, drilling and production, transport, storage, marketing and sale of crude oil, as well as natural gas liquids, liquefied natural gas, refined products, petrochemicals and fertilizers.
Thriving on a spirit of enterprise, each of our joint ventures is underpinned by transparency, innovation and determination to achieve unparalleled standards of both quality and service.
About QAPCO
Qatar Petrochemical Company
was established in 1974 as a joint multinational venture to utilize the associated and non-associated Ethane gas from petroleum production in line with the industrialization plan of the State of Qatar.
QAPCO
is jointly owned by Industries Qatar (IQ) having 80% share and TOTAL PETROCHEMICALS of France having 20% share.
QAPCO has today grown to be recognized as one of the largest producers of Low Density Polyethylene (LDPE) from the Middle East region.
The company produces a wide range of LDPE grades suitable to all thermoplastics processing techniques with applications such as - packaging films, agricultural film, extrusion & coating lamination film, high clarity film, injection molding, foamed and other products having wide usage all over the world. QAPCO 's LDPE is marketed under the trademark Lotrène®.
© Press Release 2012
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