(MENAFN - The Peninsula) The Emir H H Sheikh Tamim bin Hamad Al Thani, laid the foundation stone for the new Laffan Refinery expansion project (LR2) of Qatargas at a ceremony held yesterday at Qatar National Convention Center.
The event was attended by the Prime Minister and Interior Minister, H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, H E Dr Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, and a number of top officials and executives
The estimated QR 5.5bn project will effectively double the condensate refining capacity of the Laffan Refinery to 300,000 barrels per day, solidifying the country's unique position as the largest condensate producer with the largest condensate refining capacity in the world.
The LR project aims to build a bridge between present and future generations by optimising Qatar's natural resources and fostering sustainable growth.
LR2 is a joint venture between Qatar Petroleum, Total, Idemitsu, Cosmo, Marubeni and Mitsui. LR2, like LR1, will be operated by Qatargas Operating Company Limited (Qatargas) and the construction works are scheduled to be completed by the third quarter of 2016.
Addressing the event, Dr Al Sada said the new refinery represents another step on the path to achieving the Qatar National Vision. "This refinery is part of an integrated development programme being implemented by all active parties in the energy and industry sector in Qatar to enhance our capability to fulfill diverse energy needs," he said, adding that the new refinery will create added value and new economic opportunities by enhancing our export capacity and fulfilling long term needs of international markets. "Over the years, Qatargas has successfully delivered a series of world class projects that uphold our commitment to technical and operational excellence while maintaining the highest environmental standards. Once again we bring together industry leading partners to stimulate further economic growth for the country and deliver increased value to our people and shareholders," " said Sheikh Khalid bin Khalifa Al Thani, Chief Executive Officer of Qatargas
"As part of Qatar Petroleum's vision and mission we are paying special attention to the development of the downstream petrochemical and refining sector with the clear objective of creating additional opportunities for the production of intermediate and derivative products to satisfy the increasing domestic demand and create new markets for the country," said Mohammed Bin Nasser Al Hajri, Qatar Petroleum Director of Downstream Ventures.
The Laffan Refinery processes condensate, an associated product to natural gas production, that is refined into a number of high-quality products which can be used as lower emission fuels and feedstock for petrochemical production