Chevron Phillips Chemical,Qatar Petroleum in pact to develop petrochemical plant
Chevron Phillips Chemical Company and Qatar Petroleum announced they have signed an agreement to jointly pursue development of a new petrochemical plant in the Gulf Coast region of the United States. The U.S. Gulf Coast II Petrochemical Project, USGC II, will include a 2,000 KTA ethylene cracker and two 1,000 KTA high-density polyethylene units. The signing ceremony, hosted at the White House and witnessed by President Donald Trump and His Highness, Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, included Chevron Phillips Chemical President and CEO Mark Lashier and His Excellency Mr. Saad Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum. Chevron Corporation Chairman and CEO Michael Wirth and Phillips 66 Chairman and CEO Greg Garland also attended the ceremony. Chevron Phillips Chemical would be the majority owner with a 51% share and Qatar Petroleum would own 49% of the project. Chevron Phillips Chemical would provide project management and oversight and be responsible for the operation and management of the facility. The preliminary cost of USGC II is approximately $8B. Chevron Phillips Chemical and Qatar Petroleum expect a final investment decision no later than 2021, followed by full funding and the award of engineering, procurement and construction contracts, with targeted startup of the new facility in 2024.