CPC, partners likely to expand Qatar venture
04 May 2010
(MENAFN) An official at CPC Corp. said that the Taiwanese refiner and its partners in the methanol and methyl tert-butyl ether venture in Qatar are studying a plan to double the venture?s output by setting up a new company and also add other downstream products, Reuters reported.
CPC holds a 20 percent stake in Qatar Fuel Additives Co (Qafac). Qatar Petroleum holds 50 percent, while Taiwan?s Lee Chang Yung Chemical Industry Corp and Canada?s International Octane Ltd hold 15 percent each.
Qafac?s current capacity in the Mesaieed Industrial Zone is 832,000 metric tons a year of methanol and 610,000 tons a year of MTBE, a gasoline additive used to raise its octane number.
Yao said Qafac is currently conducting a feasibility study of the expansion and may present the plan to its board in June. CPC?s board would also have to approve the expansion plan, which would cost around $500 million.