June 24, 2019 / 10:35 AM / 24 days ago

CORRECTED-Qatar Petroleum agrees deal with Chevron Phillips for petchem complex

(Corrects name of company in headline and story from Chevron to Chevron Phillips Chemical)

DOHA, June 24 (Reuters) - Qatar Petroleum signed an agreement on Monday with U.S. company Chevron Phillips Chemical Co for the development of a new petrochemicals complex at Ras Laffan Industrial City.

Chevron Phillips Chemical will own a 30% stake, while Qatar Petroleum will own the remaining 70% in the plant, which is due to start in 2025, Qatar Petroleum Chief Executive Saad al-Kaabi said at a news conference in Doha.

The complex will help boost Qatar’s polyethylene output capacity by 82%, Kaabi said. (Reporting by Eric Knecht; writing by Rania El Gamal; editing by Louise Heavens and Dale Hudson)

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