Qatar Petroleum & Chevron Phillips Chemical signed an agreement to build an $8bn petrochemical complex on the US Gulf Coast, Chevron Phillips stated on Tuesday. The two ought to make a final funding resolution on the venture no later than 2021. The complex may begin operations in 2024. Chevron Phillips didn’t specify where the businesses would build the advanced.
If built, the advanced would have a 2m tonne/year cracker and two 1m tonne/year high-density polyethylene (HDPE) units, Chevron Phillips stated. Chevron Philips can be the majority owner with a 51% stake, and Qatar Petroleum would personal the remaining. Chevron Phillips would supply project administration and oversight. It could even be accountable for the operation and administration of the complex.
Chevron Phillips had been contemplating growing a second advanced in the US because it accomplished its earlier one. That project consists of a cracker in Baytown, Texas, and two PE units in Old Ocean, Texas. That is the second current deal introduced by Chevron Phillips and Qatar Petroleum. Earlier in June, the two companies had agreed to develop another joint petrochemical project in Qatar.
“We’re more than happy to sign this agreement, which is the second of its type in as many weeks, with our trusted associate, Chevron Phillips Chemical, to additional cement the strong partnership between our two firms and to enrich Qatar Petroleum’s international portfolio in the US, which is a core growth region for us as we consider it has great prospects and progress opportunities, based on an announcement by Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs.