$1.5bn refinery will be 84 percent owned by Qatar Petroleum
Qatar Petroleum (QP) has signed an agreement with a consortium led by France's Total to build the $1.5 billion Laffan 2 refinery project, a statement from the Qatari firm said on Sunday.
QP will own 84 percent of the joint venture. The remainder will be controlled by a consortium consisting of Total and four other parties including Japan's Cosmo Oil and Marubeni .
Construction of the condensate refinery is expected to be completed by the second half of 2016. The refinery will have a total capacity of 146,000 barrel per day (bpd), which include 60,000 bpd of naphtha, 53,000 bpd of jet fuel, 24,000 bpd of gasoil and 9000 bpd of liquefied petroleum gas (LPG) the statement added.
"The project is inline with Qatar's 2030 plan to produce value added products which will would meet the local demand and also be used for exports," Qatar's Energy minister Mohammed al-Sada told reporters at a press conference.
He added that Qatar produces around 700,000 bpd of condensates and the new refinery will be used to process untreated condensate from Qatar's North field.
Qatar's first condensate refinery Laffan 1, which started production in September 2009, can produce 61,000 bpd of naphtha, 52,000 bpd of kerojet, 24,000 bpd of gasoil and 9,000 bpd of (LPG) when fully operational.
"The construction of the new refinery will give Ras Laffan a total installed condensate refining capacity of about 300,000 barrels per day, making it one of the largest single site facilities in the world," said al-Sada.