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QatarEnergy and Chevron Phillips Chemical have agreed to the Final Investment Decision (FID) to construct the Ras Laffan Petrochemicals Complex, a combined olefins and polyethylene production facility at Ras Laffan Industrial City. The complex will consist of an ethane cracker with an annual capacity of around 2.1 million tonnes of ethylene, making it the largest in the Middle East and one of the largest projects in the world. The project has received the most significant investment of $6 billion and is expected to begin producing olefins and polyethylene in 2026. This will increase Qatar’s overall petrochemical production capacity to almost 14 million tonnes per annum and help to expand the downstream strategy and various petrochemical sectors with a significant focus on sustainable growth and development.

Petrochemicals are rapidly becoming the most significant factor for global oil consumption, as they are anticipated to account for more than a third of the growth in oil demand by 2030. For the same reason, the Middle East is looking to expand its petrochemicals sector along with its liquefied natural gas production capacity to tap into anticipated global demand growth for petrochemical products in the years ahead.

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