QatarEnergy, Chevron Phillips Chemical Secure $4.4 Billion for Ras Laffan Petrochemicals Project
(P&GJ) – QatarEnergy and Chevron Phillips Chemical Company LLC (CPChem) have secured $4.4 billion financing for the Ras Laffan Petrochemicals project, a world-scale integrated polymers complex in Ras Laffan Industrial City, Qatar.
The senior debt financing package is comprised of commercial and Islamic facilities as well as Export Credit Agency (ECA) financing.
The Ras Laffan Petrochemicals project is a joint venture between QatarEnergy (70%) and CPChem (30%) and is considered the largest petrochemical project in Qatar for which Final Investment Decision was announced in January 2023.
The complex, expected to begin production in late 2026, consists of an ethane cracker with a capacity of about 2.1 million tons of ethylene per annum. It also includes two polyethylene trains with a combined output of 1.7 million tons per annum of High-Density Polyethylene (HDPE) polymer products, which are used in a wide range of applications, including packaging, construction, and consumer goods. This complex will raise Qatar’s overall petrochemical production capacity to almost 14 million tons per annum.
The project is expected to generate significant economic benefits for the country, including increased tax revenue and foreign investment.
QatarEnergy and CPChem take this opportunity to thank all the financial institutions and advisors who have participated in the financing of the Ras Laffan Petrochemicals project and look forward to further developing the relationship with the lenders in the future.
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