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QatarEnergy, Chevron Phillips to set up $6bn petrochemicals complex in Ras Laffan
The integrated olefins and polyethylene facility is the largest ethane cracker in the Middle East and one of the largest in the world
January 08, 2023 | 01:33 PM
QatarEnergy announced the Final Investment Decision (FID) with Chevron Phillips Chemical Company (CPChem) to build the Ras Laffan Petrochemicals complex - a $6bn integrated olefins and polyethylene facility- the largest ethane cracker in the Middle East and one of the largest in the world.An agreement was signed by QatarEnergy and Chevron Phillips Chemical Company to set up a joint venture company to implement the project, in which QatarEnergy will own a 70% equity share, and CPChem will own a 30% share.The agreement was signed at the QatarEnergy headquarters Sunday by HE the Minister of State for Energy Affairs Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy and Bruce Chinn, president and CEO of Chevron Phillips Chemical. The signing ceremony was attended by Mark Lashier, President and CEO of Phillips 66, and senior executives from QatarEnergy and CPChem.The integrated olefins and polyethylene facility at Ras Laffan marks QatarEnergy’s largest investment ever in the country’s petrochemical sector and the first direct investment in 12 years.QatarEnergy also announced the award of the engineering, procurement, and construction (EPC) contract for the ethylene plant to SCJV, a joint venture company between Samsung Engineering Company of South Korea and CTCI of Taiwan.The EPC contract for the polyethylene plant was awarded to Maire Tecnimont of Italy, while Emerson of the USA was awarded the main automation contract._____________________________________Read also:
- The final investment decision on the Ras Laffan Petrochemicals complex comes less than two months after QatarEnergy and Chevron Phillips Chemical took the Final Investment Decision to execute the $8.5bn Golden Triangle Polymers Plant on the US Gulf Coast in Texas.
January 08, 2023 | 01:33 PM