Qatar Petroleum and CP Chem announce new petchem project in US Gulf Coast
The signing ceremony took place at the White House and was witnessed by the President of the United States, Donald Trump and the Amir of the State of Qatar, Tamim bin Hamad Al Thani.
The US Gulf Coast II Petrochemical Project (USGC II) will include an ethylene cracker with a capacity of 2 million ton/year, making it the largest cracker in the world. The project, which has an estimated cost of around $8 billion, will also include two HDPE units with a capacity of 1 million tons/year each.
A final investment decision (FID) is expected to be taken by no later than 2021 and engineering, procurement and construction (EPC) contracts for the project are planned to be awarded soon after the FID.
As part of the agreement, CP Chem would be the majority owner with a 51% share and Qatar Petroleum will own a 49% share in the mega-project.
This marked the second agreement of its kind between the two companies. In June, the companies announced a joint venture to develop a new petrochemicals complex in in Ras Laffan Industrial City, Qatar. The project includes the construction of two PE units with a combined capacity of 1.68 million tons/year and the largest ethane cracker in the Middle East, with a capacity of 1.9 million tons/year.
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