Doha, November 25, 2002 - Qatar Petroleum (QP), TotalFinaElf and ExxonMobil, today, signed an agreement on the terms for the design, construction and operation of a condensate refinery in Ras Laffan Industrial City.
The agreement was signed by H. E. Abdullah Bin Hamad Al-Attiyah, Minister of Energy & Industry Chairman and Managing Director of Qatar Petroleum, Mr. Arnaud Chaperon, Managing Director of TotalFinaElf E&P Qatar, and Mr. Wayne Harms, President and General Manager of Mobil Oil Qatar Inc. Senior officials from Qatar Petroleum, TotalFinaElf and ExxonMobil attended the signing ceremony, which was held at QP’s headquarters in Doha.
The refinery will be operated by Qatargas and is expected to start up by the end of 2006. Its planned daily throughput is 140,000 barrels of condensate, which will be processed for export into LPG (liquefied petroleum gas), naphtha, kerosene and diesel oil.
The initial equity shares of the joint venture group are 80% for QP, 10% for TotalFinaElf, and 10% for ExxonMobil.
The Front-End Engineering Design (FEED) contract is anticipated in January 2003, followed by the engineering, procurement and construction (EPC) contract in the second quarter of 2004.
“This new condensate refinery will allow for higher-value products to be exported, during an anticipated competitive market situation for condensate. We are very pleased to have the very experienced companies, TotalFinaElf and Exxon Mobil, as participants in this project, providing access to their expertise in this area,” H. E. Minister Al Attiyah said commenting on this agreement.