Skip to content Skip to Search
Skip navigation

QatarEnergy and Chevron Phillips to build $6bn petchem complex

By Pramod Kumar
Qatar News Agency
The integrated complex is expected to begin production in late 2026

QatarEnergy has signed a final investment decision on the $6 billion Ras Laffan Petrochemicals Complex with partner Chevron Pillips Chemical, which will be the largest in the Middle East.

The complex includes an ethane cracker with a capacity of 2.1 million tonnes of ethylene per year, the energy firm said in a statement published by state-run Qatar News Agency.

In addition, it will have two high-density polyethylene derivative units with a total production capacity of 1.7 million tonnes per annum.

State-owned QatarEnergy will hold a 70 percent stake in the venture, with Chevron Phillips Chemicals holding 30 percent.

“This marks QatarEnergy’s largest investment ever in Qatar’s petrochemicals sector and the first direct investment in 12 years,” said CEO Saad Al-Kaabi.

“It will double our ethylene production capacity, increase our local polymer production from 2.6 to more than 4 million tons per annum and place the utmost emphasis on sustainable growth and the environment,” he added.

Chevron Phillips Chemical chief executive Bruce Chinn said the investment would help meet the global demand for polyethylene products.

He added that work started at the site in June 2022, with the project expected to begin operating in late 2026. 

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]