Qatar to invest in China
- Source: Global Times
- [15:39 November 19 2009]
- Comments
Qatar's State-owned oil company Qatar Petroleum International plans to invest $5.8 billion to build a petrochemical plant in China by 2015, according to a Bloomberg report Wednesday.
Nasser al-Jaidah, the CEO of Qatar Petroleum said the company plans to cooperate with China National Offshore Oil Corporation (CNOOC) and a Chinese petrochemicals maker to invest $5.8 billion to build a plant in China's Hainan Province.
"There is huge potential for growth in Asia, especially China," al-Jaidah said. "We can hit two birds with one stone – tap the markets and exit our product," he said, but did not disclose the share of the investment that Qatar Petroleum will have in the venture.
He also disclosed the company plans for the plant to have a processing capacity of about 3.8 million tons of LPG a year, and this plan may be approved by the National Development and Reform Commission (NDRC) in the second half of next year.
But Xiao Zongwei, spokesman of CNOOC, said he was not informed about any petrochemical investment in Hainan, according to the Bloomberg report.
The Qatar oil company plans a total investment of $9.8 billion to build two petrochemical plants in Asia by 2015, and the remaining $4 billion will be invested in Vietnam. Both of the petrochemical plants will use Qatari liquefied petroleum gas to produce chemicals, al-Jaidah said.
