Qatar and Honam JV to be delayed

A US$2.6 billion joint venture petrochemical plant to be built by Qatar Petroleum and South Korea’s Honam Petrochemical Corp. will be delayed by a year due to tight credit markets, a source at Honam said. Honam said it would invest 363 billion won (US$268.9 million) for a 30% stake in the project at Mesaieed Industrial City. Qatar Intermediate Industries Holdings Company Ltd, an affiliate of Qatar Petroleum, would hold the remaining 70%. Qatar Petroleum would supply ethane and naphtha for the petrochemical cracker, which will have a total propylene and polypropylene capacity of 900,000 tons per year. (December 3, 2008)