Industries Qatar Shelves Multi Billion Dollar Petrochemicals Project

DUBAI, Sept 18 - Industries Qatar, the Gulf's second-largest petrochemicals firm, said on Thursday it had put its multi billion dollar Al Sejeel petrochemical complex project on hold and was studying a new scheme instead that would yield better returns.

The company "confirmed that the Al Sejeel Petrochemical Complex project has been put on hold, and that a new downstream petrochemical project that is expected to yield better economic returns is instead under study," it said on a bourse statement.

Qatar Petroleum (QP) and Qatar Petrochemical Company (QAPCO) signed an agreement in February 2012 to jointly develop the Al Sajeel mega-petrochemical complex in Ras Laffan, with QP holding an 80 percent stake and QAPCO owning the rest.

(downstreamtoday.com  Edited by Topco)