Qatar Energy and the American Chevron Phillips laid the foundation stone for the "Golden Triangle" petrochemical project in the US state of Texas, at a cost of $8.5 billion.
Qatar Energy said that this project is its second largest investment in the United States after the "Golden Pass" natural gas project, noting that it will need 4,000 workers during the construction stages and provide 500 permanent jobs.
Production is expected to start in 2026, with profits of more than $50 billion over the next two decades, and it will produce 6 million tons of petrochemicals annually, for this facility owned by the Golden Triangle Polymers Company, which in turn is owned by Qatar Energy with a 49% stake and Chevron Phillips, with a 51% stake.
Qatar Energy and Chevron Phillips celebrate the laying of the foundation stone for the Golden Triangle Polymers project in Texas # Qatar Energy # Qatar pic.twitter.com/pHReHug1KZ
— QatarEnergy (@qatarenergy) March 8, 2023
Vice President for Surface Facilities Development and Sustainability Affairs at Qatar Energy, Ahmed Saeed Al-Amoudi, said that the project will use energy optimization methods and emissions reduction technology.
As for the director of "Chevron Phillips", Kerig Lemons, for his part, he said that his company has full confidence in the success of the project, alluding to a partnership that extends for 20 years of joint work and investment with Qatar.
The new project is located about 180 kilometers east of Houston, Texas, and includes an ethylene unit with a capacity of 2.08 million tons per year, making it the largest in the world, and two high-density polyethylene units with a total capacity of 2 million tons per year, which will make them the largest. units of its kind in the world.