CPChem launches two new joint ventures in Qatar
Chevron Phillips Chemical Company (CPChem) has announced two new joint-venture agreements for the development of its second petrochemical project in the State of Qatar that will operate under the name Q-Chem II, confirmed a press release.
Q-Chem II, building on the success of the existing Q-Chem Joint Venture between an affiliate of CPChem and Qatar Petroleum, plans to build two new ethylene derivative units adjacent to the Q-Chem complex at Mesaieed Industrial City. The polyethylene and normal alpha olefins (NAO) facilities will each have a capacity of 350,000 metric tons per year and will utilize proprietary CPChem technology. Qatar Petroleum will hold a 51-percent equity position in Q-Chem II; an affiliate of CPChem will retain 49 percent.
The other new joint venture project, an ethane cracker located in Ras Laffan, will provide ethylene feedstock to the Q-Chem II plants via a purpose- built pipeline. With an initial capacity of 1.3 million metric tons per year, the venture will include Atofina SA and Qapco, through Qatofin, as equity participants in the project with Q-Chem II. Studies for the project are in progress and the facility is expected to commence production in the second half of 2007.
CPChem is a producer of olefins and polyolefins and is a leading supplier of aromatics, alpha olefins, styrenics and specialty chemicals. The company has total assets of approximately six billion dollars and is owned equally by ChevronTexaco Corporation and Phillips Petroleum Company. — (menareport.com)
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