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FINANCIAL NEWS
Qatar- QP in USD1.5b JV with Total, Idemitsu, Cosmo, Marubeni and Mitsui
22 Apr 2013
(MENAFN) Qatar Petroleum (QP) announced that it has inked a USD1.5 billion joint venture deal with Total, Idemitsu, Cosmo, Marubeni and Mitsui to develop the new Laffan Refinery 2 (LR2) Project, reported The Peninsula.
QP Chairman & Managing Director, Dr Mohammed bin Saleh Al Sada, said that the company’s stake in the project will be 84 percent, whereas Total will own a 10-percent stake, Idemitsu and Cosmo will each hold a 2-percent stake and Marubeni and Mitsui 1 percent, each.
The LR2, which is the second of its kind to be set up in Qatar since Laffan Refinery 1 (LR1) was launched in 2009, has a condensate processing capacity of 146,000 barrels per day (bpd).
It is worth noting that LR2will be operated by Qatargas Operating Company Limited (Qatargas) and will have an output capacity of 60,000 bpd of naphtha, 53,000 bpd of jet fuel, 24,000 bpd of gas oil and 9,000 bpd of liquefied petroleum gas (LPG).
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