Qatar Petroleum, Shell cancel Al-Karaana Petrochemicals project
The project was a joint venture (JV) between Qatar Petroleum (QP) and Shell, in which Qatar Petroleum would hold an 80% share while Shell would hold the remaining 20%. The companies cited tumbling energy prices as the main reason behind their decision. The proposed Al-Karaana plant would have included a 1.5 million tons/year MEG plant along with other petrochemical units.
Al-Karaana Petrochemicals is the second giant project cancelled recently in Qatar due to economic concerns. Before, Industries Qatar also cancelled the construction of a $6 billion plant.
Meanwhile, according to a statement on Qatar Petroleum’s website, the company is planning to conduct feasibility studies about how to best utilize the ethane feedstock made available by the cancellation of the Al-Karaana facility. The studies will be conducted in cooperation with Qatar Petrochemical Company (QAPCO), the Qatar Chemical Company (Q-Chem) and Ras Laffan Olefins Company (RLOC).
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