Qatar to set up fifth petchem project, with Phillips, Dow and Nova

Feb 22, 1997 01:00 AM

Qatar is planning to set up a petrochemical project in partnership with three US companies, Qatari officials said recently. "Negotiations...to set up an ethylene cracker project are at an advanced stage and we hope to sign a deal soon," Qatar's Minister of Energy and Industry Abdullah bin Hamad al-Attiyah told.The three companies involved are Phillips Petroleum, Dow Chemical and Nova Corp, said Attiyah. Officials at the state's Qatar General Petroleum Corporation (QGPC) told the cost would be around $ 500 mm. They said QGPC will hold 50 % and the remainder will be shared among the three foreign partners. As with all Qatari projects, 70 % of the cost will be raised by buyers' credit and commercial loans and 30 % will be contributed by shareholders. The ethylene cracker project is the fifth petrochemical unit in a series of several multi-billion-dollar gas and gas-based schemes designed and being executed by the Gulf Arab state to tap its enormous North Field gas reserves -- the largest in the world.

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