Agreement Signed for a Qatargas-Operated Refinery at Ras Laffan

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15 December, 2002

Qatargas is to operate a new US$ 400 million condensate refinery at Ras Laffan Industrial City. An agreement was signed on the 25th of November, 2002, by Qatar Petroleum (QP), TotalFinaElf and ExxonMobil for the design, construction and operation of this refinery, which is scheduled to start by the end of 2006.

The initial refinery will have a throughput of 140,000 barrels of condensate, which will be processed for export into liquefied petroleum gas (LPG), naphtha, kerosene and diesel oil.

The Minister of Energy & Industry and Managing Director of QP and Chairman of Qatargas, H.E. Abdullah Bin Hamad Al-Attiyah, Managing Director of TotalFinaElf Laffan Refinery, Mr. Arnaud Chaperon and President of ExxonMobil Qatar Refinery Limited, Mr. Wayne Harms, signed the agreement on behalf of their respective companies. Vice Chairman and Managing Director of Qatargas, Mr. Faisal M. Al Suwaidi, was also present in the signing ceremony.

The initial equity shares of the joint venture group are 80% for QP and 10% each for TotalFinaElf and ExxonMobil. The front-end engineering design (FEED) contract for the project is expected to be awarded in January 2003, while the engineering procurement and construction (EPC) contract is anticipated in the second quarter of 2004.

Commenting on the agreement, H.E. Abdullah Bin Hamad Al Attiyah, said: "The proposed condensate refinery will allow for higher-value products to be exported, during an anticipated competitive market situation for condensate. We are very pleased to have experienced companies such as TotalFinaElf and ExxonMobil as partners in this project, providing access to their expertise in this area."

The proposed refinery is scheduled for completion on a fast-track basis. H.E. Abdullah Bin Hamad Al Attiyah also said that H.H. the Emir, Sheikh Hamad Bin Khalifa Al Thani, is very keen on the development of Qatar's hydrocarbon resources and is looking forward to celebrate the inauguration of the project in record time.

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