HOUSTON – Chevron Phillips Chemical Company LLC and Qatar Petroleum publicly announced Tuesday their development of a new petrochemical plant on the Gulf Coast.
The $8 billion plant is estimated to provide 9,000 construction jobs. Once in operation, the plant will hire 600 full-time employees.
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Chevron Phillips Chemical will have a 51 percent share and Qatar Petroleum will have a 49 percent share. According to officials with Chevron Phillips Chemical Company, “The site’s location would be in the Gulf Coast region, where there is direct access to the significant shale natural gas liquid reserves of the Permian Basin.”
The signing ceremony took place at the White House with the attendance of President Donald Trump and Sheikh Tamim bin Hamad Al Thani, amir of the state of Qatar. Other guests included Chevron Phillips Chemical President and CEO- Mark Lashier and Saad Sherida Al-Kaabi, Qatar’s minister of state for energy affairs and the president and CEO of Qatar Petroleum.
“Qatar Petroleum is already a terrific partner of Chevron Phillips Chemical on petrochemical plants in Qatar and we look forward to expanding our relationship in the United States as we jointly seek to develop a new petrochemical facility along the U.S. Gulf Coast,” said Lashier. “Qatar Petroleum’s financial strength, its commitment to safety as a core value and shared belief in our strategy to build facilities located close to competitive feedstocks make this an ideal relationship.”