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DOHA, QATAR -- HOUSTON, TEXAS -- OCTOBER 15, 2006 -- Qatar Petroleum and
ExxonMobil Chemical Qatar Limited, a subsidiary of Exxon Mobil Corporation,
today announced they have signed a Heads of Agreement (HOA) to progress
studies for a proposed $3 billion world-scale petrochemical complex in Ras
Laffan Industrial City, Qatar. The announcement was made by His Excellency,
Abdullah bin Hamad Al-Attiyah, Qatar Second Deputy Premier and Minister of
Energy and Industry, and by Michael J. Dolan, President, ExxonMobil Chemical
Company, at a signing ceremony today in Doha.
“The State of Qatar has embarked on ambitious programs to utilize and develop
its hydrocarbon resources. These programs are part of the vision of HH Sheikh
Hamad Bin Khalifa Al-Thani, the Emir, that aims to ensure efficient
utilization and optimization of the country’s resources via oil and gas
developments and, through diversifying its sources of income creating
development opportunities for Qatar and its people,” H.E. Abdullah Bin Hamad
Al Attiyah, Second Deputy Premier, Minister of Energy and Industry, Chairman
of Qatar Petroleum, said on this occasion.
"ExxonMobil Chemical is pleased with the significant progress we have made
together with Qatar Petroleum on the feasibility study for this important
project," added Dolan. "We believe this proposed project will capitalize on
our core competencies, to bring significant benefits to both parties and
establish a competitively advantaged platform for growth."
The proposed petrochemical complex includes a world-scale, 1.3 MTA steam
cracker and associated derivative units, including polyethylene and ethylene
glycol, and will employ ExxonMobil's proprietary steam cracking furnace and
polyethylene technologies. It will utilize feedstock from gas development
projects in Qatar's North Field and serve markets with premium products in
both Asia and Europe. Currently, start-up of the proposed facility is
estimated in 2012.
Qatar Petroleum
Qatar Petroleum (QP), www.qp.com.qa , formerly
Qatar General Petroleum Corporation, is a state-owned corporation established,
by Emiri Decree No 10, in 1974 responsible for all phases of the oil and gas
industry in Qatar. The principal activities of Qatar Petroleum and its
subsidiaries and joint ventures cover exploration, drilling and production
operations, transport, storage, marketing and sale of crude oil, natural gas
liquids, liquefied natural gas, refined products, petrochemicals and
fertilizers, and providing helicopter services.
Qatar Petroleum’s strategy of conducting hydrocarbon exploration and new
projects is through Exploration and Production Sharing Agreements (EPSA) and
Development and Production Sharing Agreements (DPSA) concluded with major
international oil and gas companies.
ExxonMobil
Exxon Mobil Corporation, through its subsidiaries,
has had a presence in Qatar since 1935. Qatar Petroleum and ExxonMobil are
currently working together to diversify the use of North Field gas including
the expansion of facilities to deliver liquefied natural gas resources to
targeted markets, the supply of pipeline gas to domestic customers and
conversion of gas to high quality liquid products for export to world markets.
ExxonMobil Chemical (www.exxonmobilchemical.com) is a global leader in
technology, product quality and customer service with petrochemical
manufacturing and/or marketing operations in more than 150 countries around
the world. Its products include olefins, aromatics, fluids, synthetic rubber,
polyethylene, polypropylene, oriented polypropylene packaging films,
plasticizers, synthetic lubricant basestocks and additives for fuels and
lubricants.
NOTE: Estimates, expectations, and business plans in this release are
forward-looking statements. Actual future results, including project plans,
could differ materially depending on the outcome of commercial negotiations,
changes in supply and demand for petrochemical products, changes in law or
government policy, and other factors discussed under the caption "Factors
Affecting Future Results" in item 1 of ExxonMobil's most recent 10-K and
available on our website at
www.exxonmobil.com.
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ExxonMobil News Media Desk: 281-870-6607
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