QatarEnergy and Chevron Phillips Chemical Company LLC (CPChem) announced that they have taken a Final Investment Decision (FID) on the Golden Triangle Polymers Plant, an $8.5 billion world-scale integrated polymers facility in the Texas Gulf Coast area in the United States of America.
Located about 180 kilometers east of Houston, the plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum, making it the largest in the world, and two high-density polyethylene units with a combined capacity of 2 million tons per annum, also making them the largest derivatives units of their kind in the world. Construction of the plant will begin immediately, with an expected startup date in 2026.
The plant will be owned by Golden Triangle Polymers Company LLC, a joint venture in which QatarEnergy holds a 49% equity interest with 51% held by CPChem.
Commenting on the FID, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy said: “We are excited to announce taking the FID on our largest petrochemical investment ever, highlighting QatarEnergy’s integrated position as a major player in the LNG and international exploration sectors, as well as being a global petrochemicals producer. In addition to complementing QatarEnergy’s growing international portfolio, as well as in the United States, this important project will help meet growing global demand for polymers. It also represents a major step in the implementation of our downstream strategy and the next phase of QatarEnergy’s growth, which includes major investments in ethylene, ethylene derivatives and polymers in general.”
The project, expected to create more than 500 full-time jobs and approximately 4,500 construction jobs, is QatarEnergy’s second largest investment in the U.S. after the $11 billion investment (100% basis) in the Golden Pass LNG production and export facility, which is currently under construction and is expected to start up in late 2024.
