FINANCIAL NEWS

Qatar Petroleum, Shell ink USD6.5b petrochemical complex deal

05 Dec 2011

(MENAFN) Qatar’s minister of energy, Mohammed bin Saleh Al-Sada, said that in order to transfer the country’s natural gas reserves into petrochemical products, Qatar Petroleum inked a deal with Royal Dutch Shell PLC to develop a USD6.5 billion petrochemicals complex, reported AP.

Al-Sada added that products of the plant, which would be constructed in Ras Laffan Industrial City in the north of the country and would start operations in 2017, would be sold to fast-growing Asian markets.

He also said that the project would produce 1.5 million tons of mono-ethylene glycol; a material used in antifreeze products, in addition to 300,000 tons annually of linear alpha olefins, which are industrial chemicals.

It is worth noting that Qatar Petroleum will hold an 80 percent stake in the project, whereas Shell will hold the remaining 20 percent.

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