Chevron Phillips Chemical and Qatar Petroleum Announce Plans to Jointly Develop U.S. Gulf Coast Petrochemical Project
Chevron Phillips Chemical Company LLC and Qatar Petroleum announced they have signed an agreement to jointly pursue development of a new petrochemical plant in the Gulf Coast region of the United States. The U.S. Gulf Coast II Petrochemical Project (USGC II) will include a 2,000 KTA ethylene cracker and two 1,000 KTA high-density polyethylene units. Chevron Phillips Chemical would be the majority owner with a 51% share and Qatar Petroleum would own 49% of the project. The preliminary cost of USGC II is approximately $8 billion. Chevron Phillips Chemical and Qatar Petroleum expect a final investment decision (FID) no later than 2021, followed by full funding and the award of engineering, procurement and construction (EPC) contracts, with targeted startup of the new facility in 2024. Source: Chevron Phillips Chemical, 7/9/2019. TCGR Note: This follows the June 2019 announced JV for a petrochemical plant in Qatar at Ras Laffan. This is additional.