Monitoring Desk
Islamabad: Qatar inked a $6 billion deal with Chevron Phillips Chemical on Sunday to establish a plant including the biggest ethane cracker in the Middle Eastern region, converting natural gas into polyethylene and other plastics.
The Ras Laffan Petrochemicals Complex, which will generate 2.1 million tons of ethylene a year along with 1.7 million tons of polyethylene byproducts, will be functional in 2026.
Qatar’s energy minister and the CEO of QatarEnergy Saad Sherida Al-Kaabi said that the plant will have lower greenhouse gas emissions and waste than similar plants around the world.
QatarEnergy has a 70% equity share in the joint venture with Chevron Philips, a Texas-based firm, has another 30%.
The minister said in the signing ceremony held in Doha, that it is the company’s largest investment in the petrochemical industry of Qatar and the first direct investment in twelve years.
Complex to double Qatar’s ethylene production capacity
The complex will double the ethylene production capacity of Qatar and will increase its polymer production from 2.6 to more than 4 million tons a year. Overall, the total petrochemical production capacity of the country will rise to nearly 14 million tons a year.
