In a new investment orientation from Qatar towards the US economy, Qatar Energy and Chevron Phillips Chemical have invested together in the Golden Triangle polymer plant in Texas.
The combined plant cost about $8.5 billion, the second largest Qatar project in America and the largest in petrochemicals.
Distribution of factory ownership
The plant will be owned by Golden Triangle Polymers, a joint venture in which it has a 49% stake while Chevron Phillips has a 51% stake.
The new plant is located in the Gulf Coast, Texas, about 180 km east of Houston, and work on the plant will begin immediately, with production expected to begin in 2026.
The project is expected to provide more than 500 full-time jobs, and about 4,500 jobs during its construction.
Qatar’s largest investment
This is Qatar Energy’s largest investment in the petrochemical sector, highlighting Qatar’s position as a key player in the LNG and international exploration and exploration sectors, and as a global producer of petrochemicals.
Qatar Energy will therefore be one of the world’s largest petrochemical producers, and the project will expand Qatari investment presence in the United States.
Factory Components
The plant has an ethylene unit with a total capacity of 2.08 million tons per year, making it the largest in the world.
It also has two HDPE production units with a total capacity of 2 million tonnes per year, which will make it the largest derivative production unit of its kind in the world.
Pre-Qatar Investments
This project is Qatar Energy’s second largest investment in the United States after investing $11 billion in the Golden Bass LNG production and export project, which is currently under construction and is expected to begin work in late 2024.
America’s Biggest Investors
Qatar is one of the largest foreign investors in the US market due to the size of the huge projects held by the Qatar Investment Authority in the United States of America.
The value of the Authority’s investments amounted to about $35 billion, in all fields, with plans to raise the investment value of the Qatar Investment Authority in the United States of America to $45 billion.
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