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State-owned Qatar Petroleum and Anglo-Dutch oil giant Shell signed a heads of agreement to build a petrochemical complex in the energy-rich Gulf state valued at US$6.4 billion (S$8.2 billion).
Qatari energy minister Mohammed al-Sada and Peter Voser, chief executive officer of Shell signed in Doha the agreement that \'sets the scope and commercial principles for the development of a world-scale petrochemicals complex in Ras Laffan Industrial City,\' a joint statement said.
This agreement follows the conclusion of a joint feasibility study conducted by the two sides, it said, pointing out that Qatar Petroleum will hold an 80 per cent equity interest in the project and Shell 20 per cent.
Mr Sada told reporters at the signing ceremony that the value of the contract would be US$6.4 billion. The scope under consideration includes a world-scale steam cracker, with feedstock coming from natural gas projects in Qatar, in addition to a mono-ethylene glycol plant of up to 1.5 million tonnes per annum, 300 kilotonnes per annum of linear alpha olefins, and another olefin derivative, the statement said.
