Chevron Phillips Chemical Co. and Qatar Petroleum announce construction of petroleum plant in Qatar
The petrochemical plant will be built in Ras Laffan, Qatar, and is scheduled for completion in 2006. The project involves the development of an ethylene cracker with the capacity to produce up to 1.2 million metric tons per year, a polyethylene plant capable of producing more than 750,000 metric tons per year, associated utilities and offsite facilities.
Ethane feedstock for the project will be sourced from Qatar's North Field, the world's largest non-associated gas field. The polyethylene technology will utilize Chevron Phillips Chemical Company's proprietary loop process technology.
This venture marks the second cooperation undertaken by the two companies in the State of Qatar. Qatar Chemical Company LTD (Q-Chem), a joint venture between Qatar Petroleum and Chevron Phillips Chemical, is currently constructing a 500,000-metric-ton-per-year ethylene plant, a 450,000-metric- ton-per-year polyethylene plant and a 47,000-metric-ton-per-year hexene-1 plant in Messaieed, Qatar. This plant is on schedule for a third quarter 2002 start-up.
According to His Excellency, Abdulla Bin Hamad Al-Attiyah, Minister of Industry and Energy and Chairman of QP, ``This new petrochemical project highlights the areas of interest and the major objectives Qatar is looking forward to achieving in the 21st century. It will be an era of globalization, partnership and total quality in project management and execution.
``This project represents part of the clear and ambitious vision of His Highness the Emir, Sheikh Hamad Bin Khalifa Al-Thani, that aims to ensure the optimal utilization of the country's hydrocarbon resources.
``This will be done by setting up oil- and gas-related projects and, eventually, diversifying sources of national income and creating development opportunities to the welfare and prosperity of our nation.''
Jim Gallogly, President and CEO of Chevron Phillips Chemical Company, said, ``We are proud to be a long-term strategic partner with the State of Qatar in developing a world-class petrochemical business together with QP.
``Our existing petrochemical project, Q-Chem, has won international praise for project management and finance, and is an excellent example of the strength of QP and Chevron Phillips Chemical in working together. This new project represents the next step in providing a solid foundation on which we can build future success benefiting both the State of Qatar and Chevron Phillips Chemical Company.''
Qatar General Petroleum Corporation, now known as Qatar Petroleum, was established in 1974 as a national corporation completely owned by the State of Qatar.
Qatar Petroleum is responsible for all oil and gas industry processes in Qatar and abroad. This includes the exploration and drilling for oil, natural gas and other hydrocarbon substances, the production, refining, transport and storage of the these substances and any of their derivatives and by-products. It also is responsible for the trading, distribution, sale and export of these products.
Chevron Phillips Chemical Company LLC is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics and specialty chemicals. The Company, equally owned by Chevron Corporation (NYSE: CHV - news) and Phillips Petroleum Company (NYSE: P - news), is headquartered in Houston, Texas.
Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. Actual results could differ materially based on numerous factors, including new information, the availability and price of feedstocks, and other risks associated with construction of a new petrochemical facility. These statements are not guarantees of future performance and actual outcomes and results may differ, perhaps materially, from what is expressed herein. Additional information on such matters can be found in Chevron Phillips Chemical Company's publicly available filings with the Securities and Exchange Commission (SEC). Copies of the company's filings with the SEC are available from the SEC's web site at www.sec.gov.
SOURCE: Chevron Phillips Chemical Company LLC