• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Qatar, South Korea Agree to Build 2.5-Billion-Dollar Petrochemicalplant

Posted on: Saturday, 31 December 2005, 09:00 CST

Qatar, South Korea agree to build 2.5-billion-dollar petrochemical plant

KUWAIT CITY, Dec. 30 (Xinhua) -- Qatar Holding Intermediate Industries Company and the Republic of Korea (ROK)'s Honam Petrochemicals Corp. signed a Memorandum of Understanding (MoU) to build a petrochemicals plant in Qatar with about 2.5 billion U.S. dollars, Qatar News Agency reported on Friday.

Qatar's Second Deputy Premier and Minister of Energy and Industry Abdullah bin Hamad Al-Attiyah said in a statement that the project consists of building ethylene facilities and downstream petrochemical plants in the area of Mesaeed in Qatar.

The project's targeted output capacity of propylene and polypropylene is 900,000 tons per year. Production of styrene and polystyrene will be 600,000 tons per year and aromatics output will stand at 150,000 tons, with another 50,000 tons of by- products, said the statement.

The construction will start in the first half of 2006, and the project is expected to be completed by 2009, said the report.

The state-run Qatari company will own 70 percent stake of the project, while the remaining 30 percent will be owned by Honam.

Source: Xinhua News Agency - CEIS

More News in this Category