The CEO of the state-owned energy giant Qatar Petroleum International (QPI) has said that the company is planning to spend around US$9.8 billion on the construction of two petrochemical plants in Asia.
Bloomberg reported that Nasser al-Jaidah said that QPI will team up with China National Offshore Oil Corporation (CNOOC) to build a $5.8 billion plant in China’s Hainan province, while another plant costing $4 billion will be built in Vietnam. Both plants will use Qatari liquefied petroleum gas (LPG) as a feedstock.
“There is huge potential for growth in Asia, especially China.. We can hit two birds with one stone - tap the markets and exit our product,” al-Jaidah is quoted by Bloomberg as saying.
Al-Jaidah also said that the Hainan facility will process 3.8 million tonnes per annum of LPG and will produce polypropylene as well as other chemical products.
Qatar’s financial obligations for both facilities was not disclosed.