Qatar Petrochemical Company (QAPCO) has confirmed that the planned USD 5.5 billion Ras Laffan Mega Petrochemical Complex Project is on schedule in accordance with the original timetable and scope, and that no changes to either are currently under consideration. This statement comes responding to recent news that QAPCO is re-examining the feasibility of expanding the scope of this project.
Commenting on this news Dr. Mohammed Yousef Al-Mulla, QAPCO Vice Chairman and CEO said We are proceeding with the project as per the announced scope, size, and shareholding pattern, and hopefully our facility will be commissioned on the scheduled date No changes on the ownership of the project have taken place; Total E&P is our partner in QAPCO ownership, and will have a stake of QAPCO s share from the project, as per our Joint Venture agreement Dr. Mulla added.
The complex, which will be built at an estimated investment cost of Qatari Rials (QAR) 20.1 billion (5.5 Billion USD), includes a world-scale steam cracker, with the feedstock coming from natural gas projects located in the north of Qatar. The project will be carried out on a lump-sum turnkey basis and is scheduled for completion in 2018.
Qatar Petroleum has an 80% equity interest in the project, with QAPCO taking up the remaining 20% stake. QP and QAPCO will jointly develop the petrochemical complex, which will feature industry-leading, proprietary technology. Teams from QP and QAPCO have been working together for the past few months to plan the development of the project, which will contribute in meeting the continuously growing global demand for various types of petrochemical products.
The outputs of the project will be 1.4 million metric tons per annum (MTA) of ethylene, 850 thousand metric tons per annum (KMTA) of high-density polyethylene (HDPE), 430 KMTA of linear low-density polyethylene, 760 KMTA of polypropylene, 83 KMTA of butadiene, and 125 KMTA of pyrolysis gasoline. These products will be marketed primarily in high-growth markets in Asia, Africa and Latin America.
Copyright 2012 Tendersinfo News, distributed by Contify.com. All Rights Reserved.
(Originally published July 9, 2012, in Tendersinfo News.)