Honam Signs Agreement for Delayed Qatar Cracker Project

Honam Petrochemical (Seoul) says it has signed an agreement with an affiliate of Qatar Petroleum (Doha) for a previously announced olefins and derivatives joint venture at Mesaieed, Qatar. The jv will be a 70-30 partnership between Qatar Intermediate Industries Holdings and Honam. It will build a complex estimated to cost $2.6 billion that will start up by the second half of 2011. The complex will feature a mixed-feed cracker able to consume ethane and naphtha that is expected to have capacity for 800,000 m.t.-900,000 m.t./year of ethylene and 900,000 m.t./year...

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