Chevron Phillips Chemical Co. and Qatar Petroleum have agreed to develop an $8 billion petrochemical plant in the Gulf Coast region. The project will include a 2,000 kilotons per annum (KTA) ethylene cracker and two 1,000 KTA high-density polyethylene units.
The companies said they expect a final investment decision no later than 2021, followed by the award of engineering, procurement and construction contracts, with a estimated startup in 2024.
Chevron Phillips Chemical will hold a 51% share and Qatar Petroleum will hold 49%. Chevron will provide project management and oversight and be responsible for the facility’s operation and management.
Once operational, the plant could employ roughly 600 people. The site’s location would be in the Gulf Coast region to allow access to Permian Basin natural gas liquid reserves.
Image credit: Chevron Phillips Chemical Co.