Announced a final investment decision (FID) with Chevron Phillips Chemical Company Limited (CPChem) for the construction of the Ras Laffan Petrochemical Complex, which is located in the Ras Laffan Industrial City, costing 60 integrated olefins and polyethylene plant worth $ 100 million. The news was announced by the Minister of Energy, President and CEO of Qatar Energy Saad Sherida Al-Kaabi President and CEO of Chevron Phillips Chemical Company Bruce Chinn at a special event to sign. 

An implementation agreement has been reached for the project, which is 70% owned by Qatar Energy and 30% by CPhem. Phillips 66 Mark President and CEO Lashier Qatar Energy and CPhem executives attended the signing ceremony. Qatar Energy also announced that it has signed a design, procurement and construction (EPC) contract for the ethylene plant with Samsung Engineering Co Ltd of South Korea and SCJV, a joint venture between Taiwan's CPChem International. the EPC contract was awarded to Italy's Maire, while US-based Emerson has been awarded the main automation contract. 

The Ras Laffan petrochemical plant is expected to 2026 Produce 210 ethane crackers per year 10,000 tons of ethylene per year, making it the largest facility in the Middle East and one of the largest in the world. It also includes two polyethylene production lines to produce 1.7 million tons of high-density polyethylene (HDPE) polymer products per year bringing Qatar's total petrochemical capacity to nearly 14 million tons per year. Speaking at the signing ceremony, Al-Kaabi said: "This is the largest investment in Qatar's petrochemical sector in the history of Qatar Energy and the first direct investment in the last 12 years, and will double ethylene production capacity and increase local polymer production from 2.6 tons to 2.6 tons. 

We produce more than 40,000 million tons per year, focusing on sustainable growth and the environment. There is no doubt that the cornerstone investment in Ras Laffan Industrial City is an important step in Qatar Energy's downstream expansion strategy. It will contribute to the further expansion of Qatar's downstream and petrochemical sector, strengthening our integrated position as a major global player in the upstream, LNG and downstream sectors.

This trend will be further strengthened when Golden Triangle Polymers launches a new world-class petrochemical project in Orange, Texas, in a joint venture with Chevron Phillips Chemical. Al Kabi adds. Al Kabi concluded: "We are pleased to enter into this exciting new joint venture with Chevron Phillips Chemical Company. Chevron Phillips Chemical Company is a respected and leading international petrochemical company and a long-term partner. We have had great success with Chevron Phillips Chemical. 

We have been building and developing plants that have been operating safely and efficiently for more than 20 years. Our large and diverse product portfolio will not only help us meet the world's demand for advanced plastics and petrochemicals, but will also help us realize and promote balanced growth as demand for our products continues to grow. I would like to thank all those who have worked hard to achieve this milestone. 

We would also like to thank His Highness Hetamim for his unwavering support and leadership on energy issues in Qatar. The final investment decision was made by Qatar Energy and Chevron Phillips Chemical. The decision comes less than two months after the completion of the $8.51 billion Golden Triangle polymer plant on the Texas Gulf Coast.