Qatar Petrochemical Company (QAPCO), a subsidiary of Industries Qatar, has confirmed that the planned USD 5.5 billion Ras Laffan Mega Petrochemical Complex Project is on schedule in accordance with the original timetable and scope, and that no changes to either are currently under consideration.
Commenting on recent news that QAPCO is reexamining the feasibility of expanding the scope of this project, Dr. Mohammed Yousef Al-Mulla, QAPCO Vice Chairman and CEO, said in a statement "We are proceeding with the project as per the announced scope, size, and shareholding pattern, and hopefully our facility will be commissioned on the scheduled date," adding "No changes on the ownership of the project have taken place; Total Exploration and Production is our partner in QAPCO ownership, and will have a stake of QAPCO's share from the project, as per our Joint Venture agreement."
The complex, which will be built at an estimated investment cost of QAR20.1 billion (5.5 Billion USD), includes a world scale steam cracker, with the feedstock coming from natural gas projects located in the north of Qatar. The project will be carried out on a lump sum turnkey basis and is scheduled for completion in 2018.
Qatar Petroleum has an 80% equity interest in the project, with QAPCO taking up the remaining 20% stake. QP and QAPCO will jointly develop the petrochemical complex, which will feature industry leading, proprietary technology. Teams from QP and QAPCO have been working together for the past few months to plan the development of the project, which will contribute in meeting the continuously growing global demand for various types of petrochemical products.
QAPCO is presently owned by Industrial Qatar (IQ) with 80% share and by Total petrochemicals of France for the rest 20% share. It produces various Low Density Polyethylene (LDPE) grades to satisfy the requirements of most thermoplastics processing techniques and is now undergoing expansion of LDPE capacity by establishing a third LDPE Plant of 250KTA expandable to 300KTA. After the startup of LDPE-3, QAPCO's total LDPE production capacity would be increased to over 650-700 KTPA, being one of the largest single locations of LDPE production in the World. (QNA)