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Industries Qatar shelves Al-Sejeel petrochemical project

Industries Qatar shelves Al-Sejeel petrochemical project
Industries Qatar
IQCD
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Industries Qatar said on Thursday it had put its multi-billion dollar Al-Sejeel petrochemical complex project on hold and was studying a new scheme instead that would yield better returns, according to Arab News.
The company "confirmed that the Al Sejeel Petrochemical Complex project has been put on hold, and that a new downstream petrochemical project that is expected to yield better economic returns is instead under study," it said on a bourse statement.
Qatar Petroleum (QP) and Qatar Petrochemical Company (QAPCO) signed an agreement in February 2012 to jointly develop the Al Sajeel mega-petrochemical complex in Ras Laffan, with QP holding an 80 percent stake and QAPCO owning the rest. Industries Qatar owns 80 percent of QAPCO.
The Al Sejeel petrochemical project, one of the world’s largest mixed-feed steam crackers, was scheduled for completion in 2018 as part of Qatar’s large-scale expansion of the petrochemicals sector.
Al Sejeel, a venture between Qatar Petrochemical and state energy company Qatar Petroleum, was one of two petrochemical plants the country planned to construct before the end of the decade. The second, Al Karaana, will be built by Qatar Petroleum in partnership with Royal Dutch Shell Plc. (RDSA)
Qatar Petroleum planned to raise as much as $13 billion for the two plants this year, the company’s Head of Finance Meshaal Al-Mahmoud said in September 2012. Royal Bank of Scotland Group Plc was hired last year to arrange financing for a $6.5 billion Al Karaana, four people with knowledge of the plan said last year, said Bloomberg.