(MENAFN - Qatar News Agency) Qatar Petroleum Company (QAPCO) signed a QR 604 Million first phase contract here Sunday with Taiwanese company CTCI Corporation to revamp its plant machinery to conform to international safety and environmental standards, reduce harmful wastes and enhance productivity.
QAPCO Vice Chairman and Chief Executive Officer Dr Mohammed Yousef Al Mulla and CTCI Chairman John T Yu and IHI Vice President for Plant Engineering Operations Nitta Masami signed the Phase 1 contract at a ceremony held at the QAPCO headquarters in Doha today.
Following its standard procedure for issuing tenders, QAPCO awarded the contract to CTCI Corporation with the additional optional requirement of QR 176 Million making the total investment cost of Phase I to QR 780 Million.
The Phase I of the project that will see the installation of new furnaces and ethylene storage tank will incorporate the latest technology in the market and will be "a massive leap in environmentally sustainable development', officials said at the signing ceremony.
The project will use the latest technology in combustion, waste control and on-line monitoring and the key benefits would be significant reduction in Nitrogen Oxides (NOx) emissions, reuse of coke inside the furnaces that will prevent contamination of the environment, better efficiency in fuel consumption and improved yield, officials added.
The new green technology will be a milestone in protecting the environment and safety standards at Mesaieed Industrial City.
The Phase II of the project, estimated to cost QR 2 Billion as of first quarter 2013, aims to increase the overall production to reach between 950,000 to 1,000,000 MT of ethylene.
The second phase is still under study by QAPCO and its tender details would be announced at a later stage after the approval of the company's board of directors, officials said.