State-owned Qatar Petroleum has signed a deal with the Chevron Phillips Chemical Company to build an $8bn petrochemical plant on America’s Gulf Coast, complete with the world’s largest ethylene "cracker" facility.
Chevron Phillips Chemical will own a 51% stake of the US Gulf Coast II Petrochemical Project and Qatar Petroleum will own a 49% share.
Chevron will act as project managers during construction, and will operate and maintain the facility afterwards.
The plant’s ethylene unit will have a capacity of 2 million tonnes a year; it will also have two high-density polyethylene units with a capacity of 1 million tonnes.
Saad Sherida Al-Kaabi, Qatar Petroleum’s chief executive, said: "This important project will help meet increasing global demand for petrochemicals market. It also showcases the momentum of Qatar Petroleum’s international growth strategy, which has taken robust steps in various upstream and downstream activities in many parts of the world."Â
Mark Lashier, Chevron Phillips Chemical’s chief executive, added: "Qatar Petroleum is already a terrific partner of Chevron Phillips Chemical on petrochemical ventures in Qatar and we look forward to expanding our relationship in the US as we jointly seek to develop a new petrochemical facility along the Gulf Coast."
The facility is due to open in 2024.Â
Image: The signing ceremony at the White House