Doha, 09 Oct. 2023

QatarEnergy and Chevron Phillips Chemical Company LLC (CPChem) today announced that they have secured $4.4 billion financing for the Ras Laffan Petrochemicals project, a world scale integrated polymers complex in Ras Laffan Industrial City, Qatar.

The senior debt financing package is comprised of commercial and Islamic facilities as well as Export Credit Agency (ECA) financing.

The Ras Laffan Petrochemicals project is a joint venture between QatarEnergy (70%) and CPChem (30%) and is considered the largest petrochemical project in Qatar for which Final Investment Decision was announced in January 2023.

In remarks on this occasion, Minister of State for Energy Affairs, Qatar, President and CEO of QatarEnergy,  Sa'ad Sherida Al-Kaabi, President and CEO of QatarEnerg, said: “This over subscribed financing package is an important testament to the financial community’s confidence in Qatar and in its energy and petrochemical industries.”

Al-Kaabi added: “This large-scale cornerstone investment represents a significant achievement and a major milestone for the Ras Laffan Petrochemicals project - the largest in the Middle East and one of the largest in the world.

We are very pleased to enter this exciting stage of this project with our long-time partner Chevron Phillips Chemical.”

The complex, expected to begin production in late 2026, consists of an ethane cracker with a capacity of about 2.1 million tons of ethylene per annum. It also includes two polyethylene trains with a combined output of 1.7 million tons per annum of High-Density Polyethylene (HDPE) polymer products, which are used in a wide range of applications, including packaging, construction, and consumer goods.

This complex will raise Qatar’s overall petrochemical production capacity to almost 14 million tons per annum.

The project is expected to generate significant economic benefits for the country, including increased tax revenue and foreign investment.

QatarEnergy and CPChem take this opportunity to thank all the financial institutions and advisors who have participated in the financing of the Ras Laffan Petrochemicals project and look forward to further developing the relationship with the lenders in the future.