Doha, February 19 (QNA) - HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Saad bin Sherida Al Kaabi emphasized that the Ras Laffan Petrochemical Complex is one of the largest in the world, which will raise Qatar's overall petrochemical production capacity to about 14 million tons per annum by the end of 2026.

This came during a press conference held Monday on the occasion of laying the foundation stone for the Ras Laffan Petrochemical Complex.

His Excellency revealed the agreements that QatarEnergy will sign with many companies in Asia and Europe in the coming days to sell the Liquified Natural Gas (LNG), noting the increase in the cost and duration of shipping across the Red Sea due to the current geopolitical situation and its impact on a variety of products, including the LNG.

The foundation stone was laid during a ceremony organized in Ras Laffan city in the presence of HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy Saad bin Sherida Al Kaabi, President and CEO of Phillips 66 Mark Lashier, President and CEO of Chevron Phillips Chemical Bruce Chinn, alongside several high-ranking officials from QatarEnergy and Chevron Phillips Chemical.

The complex houses an ethane cracker with a capacity of 2.1 million tons per annum of ethylene, making it the largest in the Middle East and one of the largest in the world, and raising Qatar's ethylene production capacity by more than 40 percent.

It also includes two polyethylene trains with a combined annual output of 1.7 million tons of High-Density Polyethylene (HDPE) polymer products, raising Qatar's overall production by about 50 percent. QatarEnergy holds an equity share of 70 percent in the Ras Laffan Petrochemical Complex, with Chevron Phillips Chemical owning the remaining 30 percent.

HE Eng. Saad bin Sherida Al Kaabi highlighted the project's unique environmental qualities, and the world-class construction, operation, and technology standards, all designed to ensure energy savings, and significant reduction of emissions and hydrocarbon waste compared with similar global facilities.

The Ras Laffan Petrochemical Complex is being built at a cost of USD 6 billion, making it the largest investment in history of QatarEnergy in Qatar's petrochemicals sector, His Excellency said, pointing out that this is undoubtedly an important landmark in QatarEnergy's downstream expansion strategy as it will reinforce our integrated position as a global energy player and generate significant economic benefits for the country. (QNA)