AFP: Qatar, Shell agree to build $6.4 billion petrochem plant

State-owned Qatar Petroleum and Anglo-Dutch oil giant Shell signed Sunday a heads of agreement to build a petrochemical complex in the energy-rich Gulf state valued at $6.4 billion.

Qatari energy minister Mohammed al-Sada and Peter Voser, chief executive officer of Shell signed in Doha the agreement that "sets the scope and commercial principles for the development of a world-scale petrochemicals complex in Ras Laffan Industrial City," a joint statement said.

This agreement follows the conclusion of a joint feasibility study conducted by the two sides, it said, pointing out that Qatar Petroleum will hold an 80 percent equity interest in the project and Shell 20 percent.

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