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(Reuters) - Qatar signed a deal with
Royal Dutch Shell on Sunday to develop a USD 6.4 billion (4.0 billion pounds)
petrochemicals complex in the Ras Laffan industrial city in the Gulf Arab state.
Qatar"s energy minister, Mohammed al-Sada, and Shell chief executive Peter Voser
signed the agreement in Doha. "We estimate the cost to be USD 6.4 billion but at
this stage one should be cautious," Sada said.
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Asked whether the agreement replaced a similar one signed with U.S. group
Exxon Mobil, Sada said: "No, this is not a replacement. This is a continuation
of our strategy. There will be other petrochemical plants in the
pipeline."
While industry sources said last year they believed Exxon had pulled out
of the agreement, chief executive Rex Tillerson denied that and told reporters
the company was waiting for Qatar to make its decision.
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The plant agreed with Shell will have the capacity to produce 1.5 million
tonnes of mono-ethylene glycol per year and 300,000 tonnes of linear alpha
olefin, mostly for export to Asian markets, an official statement said.
State-run Qatar Petroleum will have an 80 percent equity interest in the project
and Shell will hold the remaining 20 percent.
Qatar is the world"s largest exporter of liquefied natural gas (LNG), gas
chilled for export by ship
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