Minister of State for Energy Affairs Says New Project Enhances Qatar's Status as Petrochemical Producer

Doha, June 24 (QNA) - HE Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum Saad bin Sherida Al Kaabi said Monday that the new Petrochemicals Complex project in Ras Laffan will optimize the utilization of ethane produced from the North Field LNG expansion project as well as from existing ethane producing projects. It will also consolidate Qatar’s position among the world’s leading petrochemicals producers HE the Minister stressed in a press conference held on the sidelines of the signing ceremony that the project will provide excellent opportunities for Qatar’s private sector to contribute to the development of the oil and gas sector and will generate significant revenues that will support the further development of the economy and the well-being of all people living in Qatar. His Excellency said that the total cost of the project will be announced following the completion of the necessary studies. HE the minister also said that the project will provide an addition in terms of product line and not just the supply of existing product lines, as there was no ethane cracking in prior projects. This will raise Qatar’s current Polyethylene production capacity by 82 percent. On Qatar's Polyethylene production capacity, His Excellency said that the State of Qatar has a capacity of 2300 tons a year and will rise to 4300 tons annually in a year's time. His Excellency said that the ranking of the State of Qatar at a regional or international level is not something the state is focused on, rather it is making good use of its natural resources. As for the expansion of the Al Shamal field, Al Kaabi said its progressing well, and stressed that on the commitment to expanding the field and that the early exploration results were better than expected. On the developments of Barzan projects, His Excellency said that it must start before the end of the year. HE the minister of State for Energy Affairs discussed the regional tensions and said that they have an impact on the entire area and not just Qatar, expressing hope that all these issues are resolved through dialogue and peaceful means. On the security front, His Excellency said that the State of Qatar is one of the safest countries in the world according to international reports on the issue. He noted that QP is ready with alternative plans for a wide range of scenarios and developments, noting that this was evident in its management of the blockade imposed on Qatar and its ability to deliver on its commitments. The CEO of QP said that the company has a global growth plans in oil, gas, and petrochemicals. This included discovering the first LNG field in Cyprus and South Africa, which are very profitable for the company and the state. (QNA)