• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 44 mins U.S. Shale Oil Debt: Deep the Denial
  • 15 hours Satellite Moons to Replace Streetlamps?!
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 1 day EU to Splash Billions on Battery Factories
  • 12 hours The Dirt on Clean Electric Cars
  • 10 hours Owning stocks long-term low risk?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 3 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 1 day The end of "King Coal" in the Wales
Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs’ chief commodities analyst…

Qatar to Spend $25 Billion on Petrochemical Development

Qatar has grown to become the world’s largest liquefied natural gas (LNG) exporter over the last decade, and has now announced plans to spend $25 billion on the expansion of its domestic petrochemical industry over the next decade.

Further development of gas supplies in the huge North Field are currently on hold to keep output at a relatively constant 77 million tonnes per annum until at least 2015. Although improvements in efficiency along the production line, such as the removal of bottlenecks, could boost production.

Instead, Abdulrahman Al Shaibi, managing director of the Qatar Financial Centre Authority, has said that the small United Emirates state will be “focusing on petrochemicals” in the near future. "We will spend $25bn on creating additional petrochemical industries as an important feedstock for small and medium-sized companies."

The state-run Qatar News Agency this month quoted the energy minister Mohammed Al-Sada as saying that the country planned to more than double its annual petrochemical production from current levels of 9.2 million tonnes to 23 million tonnes by 2020.

In December Qatar signed a deal with Royal Dutch Shell to develop a $6.4bn petrochemicals complex in the Ras Laffan industrial city which will produce 1.5 million tonnes of mono-ethylene glycol per year and 300,000 tonnes of linear alpha olefin. Al-Sada has also confirmed that plans already exist for the construction of additional petrochemical plants in the future.

By. James Burgess of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment
  • Fred Banks on February 01 2012 said:
    Hmm. Somebody in Qatar must have read my forthcoming energy economics textbook, because in that book I explain what two of the leading development economists of the last 100 years - Gunnar Myrdal and Hollis B. Chenery - said or wrote or thought about what countries that could 'add value' to primary commodities should make it their business to do.

    Interesting enough, another celebrated oil economist with no great like or respect of OPEC, Morris Adelman, once remarked that when the Middle Easter countries moved into petrochemicals, other producers could be in deep trouble.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News