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  • Qatar Petroleum International acquires first downstream overseas assets in deal with Shell in Singapore
    édité le 11/11/2009 - Plus de news de "SHELL" - Voir la fiche entreprise de "SHELL"


Qatar Petroleum International acquires first downstream overseas assets in deal with Shell in Singapore
Qatar Petroleum International and Shell Eastern Petroleum (Pte) Ltd (Shell) today signed a series of agreements which will see Qatar Petroleum International take a stake in two Shell Chemicals joint ventures in Singapore.

The agreements were signed by His Excellency Abdulla bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry, and Mr. Peter Voser, Chief Executive Officer of Royal Dutch Shell plc. The signing was witnessed by Mr. S. Iswaran, Singapore Senior Minister of State for Trade & Industry and Education, as well as Mr. Nasser Al-Jaidah, Chief Executive Officer of Qatar Petroleum International and Mr. Ben van Beurden, Executive Vice President Shell Chemicals.

The agreements mark the first downstream acquisition by Qatar Petroleum International abroad. Qatar Petroleum International and Shell entered into a strategic partnership in 2007 aimed at identifying and developing international projects of mutual interest throughout the energy value chain.

Under the agreements signed today, Shell will sell its existing shareholdings in two companies to a new joint venture called QPI and Shell Petrochemicals (Singapore) Pte Ltd (QSPS). Through the new venture, Qatar Petroleum International and Shell will then effectively hold 50 per cent of the Petrochemical Corporation of Singapore (Pte) Ltd (PCS) and 30 per cent of The Polyolefin Company (Singapore) Pte Ltd (TPC). The other shareholders in PCS and TPC are respectively, JSPC and NSPC, both Japanese consortia led by Sumitomo Chemical Company, Limited.

Completion of the transaction is in December 2009.

Petrochemical Corporation of Singapore owns and operates two naphtha steam crackers totaling 1.9 million tonnes per year of olefins production capacity and is an anchor olefins supplier for the Singapore Petrochemical Complex on Jurong Island.

The Polyolefin Company owns and operates 260,000 tonnes per year of low density polyethylene capacity in three plants and 600,000 tonnes per year of polypropylene capacity in five plants. These plants source their feedstock from Petrochemical Corporation of Singapore.


Origine : Communiqué SHELL

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