Irving, Texas, United States
Qatar Petroleum and ExxonMobil Chemical Qatar Limited, a subsidiary of Exxon Mobil Corporation (NYSE:XOM), has announced they have signed a Heads of Agreement (HOA) to progress studies for a proposed $3 billion world-scale petrochemical complex in Ras Laffan Industrial City, Qatar. The announcement was made by His Excellency, Abdullah Bin Hamad Al-Attiyah, Qatar Second Deputy Premier and Minister of Energy and Industry, and by Michael J. Dolan, President, ExxonMobil Chemical Company, at a signing ceremony today in Doha.
"The State of Qatar has embarked on ambitious programs to utilize and develop its hydrocarbon resources. These programs are part of the vision of HH Sheikh Hamad Bin Khalifa Al-Thani, the Emir, that aims to ensure efficient utilization and optimization of the country's resources via oil and gas developments and, through diversifying its sources of income creating development opportunities for Qatar and its people," H.E. Abdullah Bin Hamad Al Attiyah, Second Deputy Premier, Minister of Energy and Industry, Chairman of Qatar Petroleum, said on this occasion.
"ExxonMobil Chemical is pleased with the significant progress we have made together with Qatar Petroleum on the feasibility study for this important project," added Dolan. "We believe this proposed project will capitalize on our core competencies, to bring significant benefits to both parties and establish a competitively advantaged platform for growth."
The proposed petrochemical complex includes a world-scale, 1.3 MTA steam cracker and associated derivative units, including polyethylene and ethylene glycol, and will employ ExxonMobil's proprietary steam cracking furnace and polyethylene technologies. It will utilize feedstock from gas development projects in Qatar's North Field and serve markets with premium products in both Asia and Europe. Currently, start-up of the proposed facility is estimated in 2012.
Qatar Petroleum
Qatar Petroleum (QP), www.qp.com.qa, formerly Qatar General Petroleum Corporation, is a state-owned corporation established, by Emiri Decree No 10, in 1974 responsible for all phases of the oil and gas industry in Qatar. The principal activities of Qatar Petroleum and its subsidiaries and joint ventures cover exploration, drilling and production operations, transport, storage, marketing and sale of crude oil, natural gas liquids, liquefied natural gas, refined products, petrochemicals and fertilizers, and providing helicopter services.
Qatar Petroleum's strategy of conducting hydrocarbon exploration and new projects is through Exploration and Production Sharing Agreements (EPSA) and Development and Production Sharing Agreements (DPSA) concluded with major international oil and gas companies.
ExxonMobil
Exxon Mobil Corporation, through its subsidiaries, has had a presence in Qatar since 1935. Qatar Petroleum and ExxonMobil are currently working together to diversify the use of North Field gas including the expansion of facilities to deliver liquefied natural gas resources to targeted markets, the supply of pipeline gas to domestic customers and conversion of gas to high quality liquid products for export to world markets.
ExxonMobil Chemical (www.exxonmobilchemical.com) is a global leader in technology, product quality and customer service with petrochemical manufacturing and/or marketing operations in more than 150 countries around the world. Its products include olefins, aromatics, fluids, synthetic rubber, polyethylene, polypropylene, oriented polypropylene packaging films, plasticizers, synthetic lubricant basestocks and additives for fuels and lubricants.
NOTE: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including project plans, could differ materially depending on the outcome of commercial negotiations, changes in supply and demand for petrochemical products, changes in law or government policy, and other factors discussed under the caption "Factors Affecting Future Results" in item 1 of ExxonMobil's most recent 10-K and available on our website at www.exxonmobil.com.
CONTACT: Saleh Al Mana, Doha 974-434-9307 or Margaret Ross, Houston 281-870-6607
CONTACT: Saleh Al Mana, Doha 974-434-9307 or Margaret Ross, Houston 281-870-6607 , ,
Source: Business Wire (Business Wire India)