|By PR Newswire||
|April 1, 2014 03:09 PM EDT||
DOHA, Qatar, April 1, 2014 /PRNewswire/ --
His Highness the Emir Sheikh Tamim bin Hamad Al Thani, formally laid the foundation stone for Laffan Refinery 2 (LR2) at a special ceremony held today at the Qatar National Convention Centre in Doha. LR2 will effectively double the condensate refining capacity of the Laffan Refinery to 300,000 barrels per day, solidifying the country's unique position as the largest condensate producer with the largest condensate refining capacity in the world.
The LR Project aims to build a bridge between present and future generations by optimizing Qatar's natural resources and fostering sustainable growth. Government ministers, key executives and honored guests also attended the ceremony.
LR2 is a joint venture between Qatar Petroleum, Total, Idemitsu, Cosmo, Marubeni and Mitsui. LR2, like LR1, will be operated by Qatargas Operating Company Limited (Qatargas) and the construction works are scheduled to be completed by the third quarter of 2016.
On this occasion, H.E. Dr. Mohammed bin Saleh Al-Sada, Ministry of Energy & Industry stated that the new refinery represents another step on the path to achieving the Qatar National Vision conceived by His Highness the Emir Sheikh Tamim bin Hamad Al Thani, the objectives of which are being achieved day after day.
H.E Dr. Al-Sada said during his speech at the ceremony: "This refinery is part of an integrated development programme being implemented by all active parties in the energy and industry sector in Qatar to enhance our capability to fulfill diverse energy needs." He added that the new refinery will create added value and new economic opportunities by enhancing our export capacity and fulfilling long term needs of international markets.
H.E Dr. Al-Sada concluded his speech stating: "We in the energy sector and in Qatar Petroleum in particular, are fully committed to utilizing our hydrocarbon resources and employing the huge potential of our petrochemical and manufacturing industries to achieve the growth and development that our beloved country and its wise leadership aspire to."
"Qatargas is grateful for the confidence placed in us by the shareholders as we initiate the Laffan Refinery 2 project," said Sheikh Khalid bin Khalifa Al-Thani, Chief Executive Officer of Qatargas. "Over the years, Qatargas has successfully delivered a series of world class projects that uphold our commitment to technical and operational excellence while maintaining the highest environmental standards. Once again we bring together industry leading partners to stimulate further economic growth for the country and deliver increased value to our people and shareholders."
"As part of Qatar Petroleum's vision and mission we are paying special attention to the development of the downstream petrochemical and refining sector with the clear objective of creating additional opportunities for the production of intermediate and derivative products to satisfy the increasing domestic demand and create new markets for the country," said Mohammed Bin Nasser Al-Hajri, Qatar Petroleum Director of Downstream Ventures. "We value our partnership with Qatargas and the various stakeholders. We look forward to continuing our collaboration on joint projects which foster sustainable growth."
"With our track record of operating multiple projects safely, reliably and efficiently over the years, we are pleased to have been entrusted to deliver and operate LR2," remarked Salman Ashkanani, Qatargas Chief Operating Officer - Refinery Ventures. "Upon its completion, Qatar will have the capacity to process approximately 40 percent of the condensate from the North Field. This significant achievement will be a catalyst for further economic stability."
The Laffan Refinery processes condensate, an associated product to natural gas production that is refined into a number of high-quality products which can be used as lower emission fuels and feedstock for petrochemical production. All products will be hydro-treated to reduce the content of sulfur, meeting the most stringent quality standards. The LR2 project, located at Ras Laffan Industrial City, will add to Qatargas' integrated value chain and will generate revenue from supplying the refined products into domestic and export markets.
About Qatargas: Qatargas was established in 1984, and pioneered the Liquefied Natural Gas (LNG) industry in Qatar. Today, Qatargas, under the guidance of His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy & Industry of the State of Qatar and Chairman of the Board of Directors at Qatargas, is the largest LNG producing company in the world, with an annual LNG production capacity of 42 million tonnes per annum (MTA) and is realising its vision to become the world's premier LNG company. Qatargas' Ras Laffan Terminal Operations team operates all the oil products Tank Farms and related Marine Terminals at Ras Laffan Industrial City in Qatar. Ras Laffan is the largest LNG and oil products Export Terminal in the world.