(MENAFN - Qatar News Agency) The Laffan Refinery 2 (LR2) construction will cost up to QR 5.5 billion, HE Minister of Energy and Industry and Qatar Petroleum Chairman Dr. Mohamed bin Saleh Al-Sada told a press conference on the sidelines of a ceremony held to lay the foundation of the project.
He added that the project represents an added value to Qatari products in order to meet the growing domestic demand due to the expanding economy and the increase in population, which led to increased local demand for fuel. He noted that the refinery will support Qatar's exporting strength of other products, adding that the economics of the project are excellent. Qatar Petroleum considers the project as an opportunity to bring revenue for the country's GDP, expand the circle of the economy, take advantage of the added value of Qatar's natural resources in addition to giving a platform for Qatari cadres to join the project, Dr. Al-Sada said.
HE the minister said that the refinery is an integrated project that meets the domestic demand, supports the export capacity and opens the way for Qatari citizens to join it, consequently serving Qatar National Vision 2030. Dr. Al-Sada added that LR2 is an important project that expands on LR1, noting that the combination of both projects will create the largest condensate refinery in the world.
Construction work is expected to finish by the third quarter of 2016. On keeping up with environmental standards, Dr. Al-Sada said the project will maintain the highest levels environment preservation by reducing greenhouse gas emissions, the combustion of non-existent gas during normal operations in accordance with the highest international standards, and not discharging any water into the sea