January 14, 2015 / 11:47 AM / in 4 years

Qatar Petroleum, Shell halt $6.4 bln petrochemical project

DOHA, Jan 14 (Reuters) - State-owned Qatar Petroleum and Shell have decided not to proceed with their joint Al Karaana petrochemical project in the Gulf state, a joint statement from the two firms said on Wednesday.

Prices quoted by companies to build the huge complex showed the project was “commercially unfeasible, particularly in the current economic climateprevailing in the energy industry”, the statement said.

Qatar Petroleum and Shell agreed on the project in December 2011; they were to build a petrochemical complex in the Ras Laffan Industrial City, with the Qatari company owning 80 percent and Shell 20 percent. The total cost of the project was estimated at $6.4 billion. (Reporting by Amena Bakr; Editing by Andrew Torchia)

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