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Honam Petrochemical Confirms Exit from Qatar Project

3:55 AM MDT | May 5, 2010 | Natasha Alperowicz

Honam Petrochemical (Seoul), following months of speculation, has confirmed that it is out of a previously announced multi-billion dollar petrochemical joint venture project at Mesaieed, Qatar. Honam has been notified by Qatar Petroleum (QP) that due to the high increase in costs, poor availability of project finance and the global economic crisis last year, the project will not go ahead, sources tell CW. The project, contrary to reports, has not been stopped because of a shortage of feedstocks. Honam's project, which was to be based 50-50 on naphtha and ethane...

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