Chevron Phillips Chemical and Qatar Petroleum signed an agreement to build an $8bn petrochemical complex on the US Gulf Coast, Chevron Phillips said on Tuesday.
The two should make a final investment decision on the project no later than 2021. The complex could start operations in 2024. Chevron Phillips did not specify where the companies would build the complex.
If built, the complex would have a 2m tonne/year cracker and two 1m tonne/year high density polyethylene (HDPE) units, Chevron Phillips said.
Chevron Philips would be the majority owner with a 51% stake, and Qatar Petroleum would own the rest.
Chevron Phillips would provide project management and oversight. It would also be responsible for the operation and management of the complex.
Chevron Phillips had been considering developing a second complex in the US since it completed its previous one.
That project consists of a cracker in Baytown, Texas, and two PE units in Old Ocean, Texas.
This is the second recent deal announced by Chevron Phillips and Qatar Petroleum. Earlier in June, the two companies had agreed to develop another joint petrochemical project in Qatar.
“We are very pleased to sign this agreement, which is the second of its kind in as many weeks, with our trusted partner, Chevron Phillips Chemical, to further cement the strong partnership between our two companies and to complement Qatar Petroleum’s international portfolio in the US, which is a core growth area for us as we believe it has great prospects and growth opportunities, according to a statement by Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs.
Source: ICIS News
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