Apr 13 - Qatar Petroleum and Partners Sign Joint Venture Agreement for the Laffan Refinery 2 Project

Source Press Release
Company Qatar PetroleumCosmo Energy Holdings Co., Ltd.IdemitsuMarubeni CorporationMitsui Oil Exploration Co, Ltd 
Tags Refinery Project
Date April 22, 2013

Qatar Petroleum signed a Joint Venture Agreement with Total,  Idemitsu, Cosmo, Marubeni and Mitsui for the new Laffan Refinery 2 (LR2) Project.

The agreement was signed by His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman & Managing Director of QP, along with Mr. Patrick Pouyanne, President of Refining & Chemicals at Total SA; Mr. Yoshihisa Matsumoto, Executive Vice President and Representative Director of Idemitsu; Mr. Isao Kusakabe, Director and Senior Executive Officer of Cosmo Oil Co. Ltd; Mr. Yasuyuki Fujitani, Managing Officer and Deputy COO EMEA Business & Managing Director of Mitsui Middle East; and Mr. Kazuaki Tanaka, Managing Executive Officer of Marubeni Corporation.

Under the agreement, the LR2 ownership structure will be composed of QP (84%), Total (10%), Idemitsu (2%), Cosmo (2%), Marubeni (1%) and Mitsui (1%).

The new LR2 condensate refinery is similar to the first Laffan Refinery (LR1), which started operations in September 2009, with a similar processing capacity of 146,000 barrels per day.

It will be operated by Qatargas Operating Company Limited (Qatargas) and will have a daily production capacity of 60,000 barrels of naphtha, 53,000 barrels of jet fuel, 24,000 barrels of gasoil, and 9,000 barrels of liquefied petroleum gas (LPG).

The project’s total cost is estimated at USD 1.5 billion, and its construction is expected to be completed in the second half of 2016.

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