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DOHA, Qatar — An official at the Qatar Financial Center Authority announced that the country is planning to spend $25 billion over the next decade to expand its petrochemical industry, arabnews.com reported.
“In the hydrocarbon area, we are now focusing on petrochemicals,” Abdulrahman Al-Shaibi, managing director of the Qatar Financial Center Authority, said.
“We will spend $25 billion on creating additional petrochemical industries as an important feedstock for small and medium-sized companies,” he added.
In December, Qatar signed a deal with Royal Dutch Shell to develop a $6.4 billion petrochemicals complex in the Ras Laffan industrial city in the state.
The plant will have the capacity to produce 1.5 million tons of mono-ethylene glycol per year and 300,000 tons of linear alpha olefin, mostly for export to Asian markets, according to the story.