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QPI, PetroChina sign LoI for petrochemical project |
Business Reporter
DOHA: Marking its entry into China, QPI (Qatar Petroleum International) has joined hands with PetroChina to set up a world scale petrochemical complex in the country.
The petrochemical complex will have a condensate splitter with a 200,000 barrels per day (bpd) capacity, HE the Deputy Premier Abdullah bin Hamad al-Attiyah has said. The project is scheduled to go on stream by 2013.
QPI is Qatar Petroleum’s overseas investment arm.
A letter of intent (LoI) for setting up the joint venture was signed here yesterday by QPI chief executive officer, Nasser al-Jaidah and Lin Aiguo of China National Petroleum Corporation here yesterday.
Al-Attiyah said the exact location of the world scale petrochemical complex in China would be decided after a joint study by QPI and PetroChina. “This marks our entry into China. But I can tell you it is not going to be the last.”
Al-Attiyah said though China was not very near to Qatar geographically, distance did not matter when it came to decisions on joint ventures.
“We are committed to developing a world scale petrochemical complex in China. The exact location of the joint venture will be decided later,” the Deputy Premier said.
Al-Jaidah said there was a possibility of a multinational energy company teaming up with the QPI – PetroChina JV, but it was too early to discuss it.
He hoped a formal heads of agreement (HoA) could be signed within two months.
Earlier, al-Attiyah signed a memorandum of understanding (MoU) with China’s National Development and Reform Commission’s vice-chairman Zhang Xiao Giang for economic co-operation between the two countries.
The National Development and Reform Commission (NDRC) is a macroeconomic management agency under Chinese State Council, which studies and formulates policies for economic and social development, maintains a balance of economic aggregates, and guides the overall economic system restructuring.
PetroChina was established as a joint stock company with limited liabilities under the Company Law of the People’s Republic of China (the PRC) in November 1999 as part of the restructuring of China National Petroleum Corporation (CNPC).
In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesses.
PetroChina, one of the largest companies in the PRC in terms of sales, is engaged in a broad range of activities related to petroleum and natural gas.
QP’s international arm has already announced it is looking the possibility of developing two refineries in Panama and Tunisia.
Also, Qatar Petroleum International and Petrovietnam are looking at tapping hydrocarbon potential in Vietnam.
Besides Total and Petrovietnam, QPI has joined hands with many companies including ExxonMobil, Shell, Occidental Petroleum and ConocoPhillips.
QPI is teaming up with Shell to invest in energy-related ventures outside Qatar.
Besides Shell, QPI has teamed up with Occidental Petroleum to set up an oil refinery in Panama.
QPI is also planning to set up an oil refinery in Tunisia following a feasibility study.
QP has already made multi-billion-dollar investments abroad, teaming up with ExxonMobil on ConocoPhillips focusing on the Golden Pass LNG terminal in the US and with ExxonMobil and Total on the South Hook Terminal near Wales in the UK.
The two terminals will receive gas from RasGas and Qatargas.
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