Chevron Phillips Chemical and QatarEnergy announced on Wednesday a final decision to invest $8.5 billion to build the world’s largest polymers facility in Orange, Texas, near the Gulf Coast.
“We are excited to announce taking the FID [final investment decision] on our largest petrochemical investment ever, highlighting QatarEnergy’s integrated position as a major player in the LNG [liquefied natural gas] and international exploration sectors, as well as being a global petrochemicals producer,” Saad Sherida Al-Kaab, energy minister, president and CEO of QatarEnergy, said in a news release.
The pair, which have collaborated for more than two decades on projects in Qatar, created a joint venture, Golden Triangle Polymers Plant, LLC, for the Texas project. Chevron Phillips Chemical holds a 51 percent equity stake and QatarEnergy owns 49 percent….