Friday 26 November 2010

Total Said to Be Ready to Replace Exxon in Qatari Petrochems - Bloomberg

Total SA has designs ready for a new petrochemical project in Qatar if a $6 billion project announced by Exxon Mobil Corp. early this year is canceled, two people with knowledge of the matter said.

Total’s plans have existed since 2006, said one of the people, who declined to be named because the matter is confidential. The company is in talks to build a mixed-feed petrochemical cracker that will probably be located in the energy center of Ras Laffan, the other person said.

Qatar is using its natural gas reserves, the world’s third largest, to run petrochemical, aluminum and fertilizer plants as it diversifies its economy away from liquefied natural gas and oil exports. The country aims to raise its annual production of petrochemicals to 28 million metric tons by 2014, Energy Minister Abdullah bin Hamad al-Attiyah said in May.

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