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FINANCIAL NEWS
Qatar Chemical inaugurates $1.3b complex
10 Nov 2010
(MENAFN) Qatari Energy Minister, Abdullah Al Attiyah, announced that the country has inaugurated a $1.3 billion petrochemicals plant at the industrial city of Masaeed, south of Doha, as a result of the increasing global demand for petrochemicals, AFP reported.
The Q-Chem II plant is expected to increase the output capacity of Qatar Chemical Company by 75 percent, reaching around 700,000 tons a year of polyethylene and olefins, whereas annual petrochemicals production are expected to increase to 28 million tons by 2014.
Qatar Chemical Company is a joint venture between Qatar Petroleum Corp, owning 51 percent of shares, and the American Chevron Phillips Chemical Co. with 49 percent.
It is worth mentioning that Qatar holds the world’s third-largest natural gas reserves, estimated at more than 900 trillion cubic feet (25 trillion cubic meters).
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