Qatar Petroleum and ExxonMobil Chemical Sign HOA for Petrochemical Complex

Qatar Petroleum and ExxonMobil Chemical Qatar Limited, a subsidiary of Exxon Mobil Corporation have signed a Heads of Agreement (HOA) to progress studies for a proposed $3 billion world-scale petrochemical complex in Ras Laffan Industrial City, Qatar. The announcement was made by His Excellency, Abdullah Bin Hamad Al-Attiyah, Qatar Second Deputy Premier and Minister of Energy and Industry, and by Michael J. Dolan, President, ExxonMobil Chemical Company, at a signing ceremony in Doha.

"The State of Qatar has embarked on ambitious programs to utilize and develop its hydrocarbon resources. These programs are part of the vision of HH Sheikh Hamad Bin Khalifa Al-Thani, the Emir, that aims to ensure efficient utilization and optimization of the country's resources via oil and gas developments and, through diversifying its sources of income creating development opportunities for Qatar and its people," H.E. Abdullah Bin Hamad Al Attiyah, Second Deputy Premier, Minister of Energy and Industry, Chairman of Qatar Petroleum, said on this occasion.

"ExxonMobil Chemical is pleased with the significant progress we have made together with Qatar Petroleum on the feasibility study for this important project," added Dolan. "We believe this proposed project will capitalize on our core competencies, to bring significant benefits to both parties and establish a competitively advantaged platform for growth."

The proposed petrochemical complex includes a world-scale, 1.3 MTA steam cracker and associated derivative units, including polyethylene and ethylene glycol, and will employ ExxonMobil's proprietary steam cracking furnace and polyethylene technologies. It will utilize feedstock from gas development projects in Qatar's North Field and serve markets with premium products in both Asia and Europe. Currently, start-up of the proposed facility is estimated in 2012.

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Posted 30/10/06

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