Royal Dutch Shell Plc, the largest investor in Qatar, and state-run Qatar Petroleum agreed to “jointly study” an estimated $6 billion petrochemicals project in the Persian Gulf nation.
The 1.5 million-metric-ton monoethylene glycol plant may be built by 2016 in the industrial city of Ras Laffan, Oil Minister Abdullah bin Hamad al-Attiyah said today at the signing ceremony in Doha, the capital. Other olefin derivatives would boost the plant’s output to more than 2 million tons of finished products, Shell said in a statement.
Qatar, holder of the world’s third-largest gas reserves, is investing in petrochemical, aluminum and fertilizer factories as it diversifies its economy away from exporting liquefied natural gas and crude oil. The emirate aims to increase annual petrochemicals production to at least 18 million tons by 2015- 16, al-Attiyah said.
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