According to sources, American Chevron and Qatar Energy Company (formerly known as Qatar Petroleum) are trying to get back to work on a project they first announced in 2019 to build a new petrochemical complex in Ras Laffan. However, the effects of the pandemic have slowed down the project.
According to the sources, the two companies have asked for technical and financial help to complete the project. The project includes the biggest ethane cracking unit, which can make 1.1 million tons of ethylene every year. This makes it the biggest unit of its kind in the Middle East and one of the biggest in the world.
Sources also said that the winner will be chosen within a few weeks or early next year and will be in charge of carrying out the construction and technical work. They also said that funding could come from international and local banks, as well as the Export Credit Agency and other global funding agencies.
With 70% owned by Qatar Petroleum and 30% by Chevron Phillips Chemical Company, these deals set the rules for who owns the project and how it is done.
According to sources, the project gets financial advice from the global investment bank “Goldman Sachs.”
Back when the project was first announced, it was planned that production would begin at the new plant in early 2025.
