QP to develop petrochemicals complex  

(MENAFN - The Peninsula) Doha • Qatar is developing its first petrochemicals complex in Mesaieed (the Qatar Petrochemicals Complex -QPCC) which is expected to produce over 1.7 million tonnes per year of several petrochemical products.

The proposed QPCC is expected to commence commercial production in 2011 and is being developed solely through the internal resources of Qatar Petroleum (QP). Qatar Holding, fully owned by QP yesterday inked several contracts related to QPCC.

Qatar Holding has selected Honam Petrochemical of South Korea as its joint-venture partner with a 30 per cent stake. This is part of Qatar Holding's plan to expand the country's bases of new polymers and intermediate petrochemical products.

To execute the project, Qatar Holding has contracted the services of world-renowned companies, including Front End Engineering and Design (FEED) and PMCM contract with Foster Wheeler of UK, Process Technologies with Lummus of USA and Basel (polypropylene technology) from Italy.

"We are proud that we have identified and developed this mega-project through our internal capabilities. At the same time it embodies a real multinational cooperation to implement it," said H E Abdullah Bin Hamad Al Attiyah, Deputy Premier and Minister of Energy and Industry, speaking after the signing ceremony without specifying the cost of the project.

The multi billion dollars mega-venture will produce annually 180,000 tonnes of propylene, 700,000 of polypropylene, 380,000 tonnes of styrene, 220,000 tonnes of polystyrene and over 250,000 tonnes of aromatics (xylenes).

Meanwhile, Qatar Petroleum International and MOL Hungarian Oil and Gas Public Limited Company (MOL Plc.) of Hungary yesterday evening signed a Memorandum of Understanding (MoU) to develop partnership to pursue global business opportunities.