Qatar, ExxonMobil sign Heads of Agreement

Qatar Petroleum and ExxonMobil Chemical Qatar Ltd., a subsidiary of ExxonMobil Corp. signed in October a Heads of Agreement to progress studies for a proposed US$3 billion world-scale petrochemical complex in Ras Laffan Industrial City, Qatar. The proposed petrochemical complex includes a world-scale, 1.3 million ton per annum steam cracker and associated derivative units, including polyethylene and ethylene glycol, and will employ ExxonMobil’s proprietary steam cracking furnace and polyethylene technologies. It will utilize feedstock from gas development projects in Qatar’s North Field and serve markets with premium products in both Asia and Europe. Currently, start-up of the proposed facility is estimated in 2012. (October 15, 2006)