Signing of the project agreement documents occurred in Doha by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of Qatar Petroleum, and Mark E. Lashier, President and CEO of Chevron Phillips Chemical.
Qatar Petroleum will own a 70% majority share of the joint venture and Chevron Phillips Chemical will own the remaining 30%.
In addition to the exclusive licensing of its MarTECHTM loop slurry process for manufacturing HDPE, Chevron Phillips Chemical will provide project management, engineering and construction services to develop the project. As part of the development phase, the companies will study the potential efficiencies that could be realised by harnessing the existing capabilities of the Qatar Chemical Company (Q-Chem) joint ventures to provide overall operational management of the facility once complete.
“Developing this project is a tremendous opportunity for our company to expand on our highly-successful joint ventures with the State of Qatar to meet the growing global demand for petrochemical products that enrich lives around the world,” said Lashier. “Qatar is one of the world’s leading producers of the natural gas liquids that will fuel these world-scale assets. This project fits perfectly with our global strategy to build petrochemical assets in regions of the world where feedstock options are abundant and competitively-priced.
“We look forward to building on our strong relationship with Qatar Petroleum and believe that these new world-scale assets will deliver exceptional value,” concluded Lashier.
The engineering design phase of the project should commence shortly, leading to a planned start-up in late 2025.