Qatar Energy and Chevron Phillips Chemical Company have announced a final decision to invest in a $8.5 billion Golden Triangle Polymers plant in the US state of Texas.
The new plant is located on the Gulf Coast, Texas, about 180 km east of Houston, and includes an ethylene plant with a capacity of 2.08 million tonnes per year, making it the largest in the world. , and two HDPE plants Density, with a total capacity of two million tons per year, which will make them the largest derivative plants of their kind in the world, and construction work on the plant will begin immediately, as production is expected to start in 2026.
QNA said the plant will be owned by Golden Triangle Polymers Company LLC, a joint venture in which Qatar Energy holds a 49% stake and Chevron Phillips holds a 51% stake.
QNA said the project is expected to provide more than 500 full-time jobs and about 4,500 jobs during its construction, Qatar Energy’s second-largest investment in the United States after investing $11 billion in the Golden Pass project for manufacturing and LNG export currently under construction, which is expected to start operating at the end of 2024.
According to Kena, the project also has “sustainable environmental performance, reducing greenhouse gas emissions by approximately 25% compared to similar facilities in the US and Europe.”
For his part, Saad bin Sherida Al Kaabi, Qatar’s Minister of State for Energy, President and CEO of Qatar Energy, said: “The decision represents Qatar Energy’s largest investment in the petrochemical sector and highlights Qatar Energy’s position as a major player in liquefied natural gas, international exploration and drilling, and a global petrochemicals manufacturer.
Saad bin Sherida Al Kaabi added: “By adding our share of this new investment to our existing operations in the State of Qatar, Qatar Energy will become one of the largest petrochemical producers in the world, and the project will expand our footprint in the United States and support local communities in area of the Golden Triangle in Texas, generating revenues estimated at about $50 billion over 20 years,” noting that “when the plant goes online, it will produce polyethylene, which is used in the manufacture of durable goods such as pipes for natural gas and plumbing, as well as recreational products such as kayaks and coolers, and are used in primary packaging materials used to protect and preserve food, and to ensure the sterility of medical supplies, factory-produced polyethylene will be sold mainly to Asia, Europe and Latin America.