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Qatar Petrochemicals Report Q4 2011 Published on August 2011
Report Summary Qatar is planning to go ahead with two new world-scale petrochemical projects, although it has a total of four projects to choose from, according to BMI's latest Qatar Petrochemicals Report. The government says the country has enough feedstock available to support two mixed feed crackers with capacity of 1.5mn tpa each. Feedstock diversification should enable it to produce propylene and PP. The four projects on the table each include crackers with capacities ranging from 1.3mn tpa to 1.6mn tpa, involving Qatar Petroleum (QP) in joint ventures with QAPCO, ExxonMobil Chemical, Shell Chemicals and Total. There is little variation in downstream units, which include up to 1,3mn tpa of polyethylene and 700,000-1.5mn tpa ethylene glycol. BMI believes that at least one of these projects could come online by 2015. Uncertainty lingers over Total's plans, which may not have sufficient feedstock to go ahead. If the plans do come to fruition, it may be due to the cancellation of QP's JV with ExxonMobil, which has itself been the centre of debates over its viability in recent months. Separately, the recently completed Ras Laffan Olefins Company (RLOC) cracker is expected to expand during its next maintenance turnaround scheduled for 2013-2014. The plant's ethylene capacity would rise by 300,000tpa to 1.6mn tpa. Downstream projects include Qatofin's plan to raise LLDPE capacity at Mesaieed from 450,000tpa to 600,000tpa. QAPCO is due to bring online a 300,000tpa LDPE plant at Mesaieed by early 2012, raising the company's total LDPE capacity to 700,000tpa and making it one of the world's leading LDPE producers. RLOC will need to be in full operation by H211 to cater for the feedstock requirements of the new plant. QAPCO is also considering expanding its 720,000tpa ethylene plant at Mesaieed to 900,000tpa at the end of 2014, although these plans may change if the company receives approval for the cracker project with QP. Technical problems have forced the 1.3mn tpa RLOC ethane cracker to operate at reduced rates from September 2010 to mid-2011. The RLOC cracker was opened in May 2010 and is the world's largest ethylene producer. It supplies both the Q-Chem II petrochemical complex and Qatofin's 450,000tpa LLDPE plant, which were opened in November 2009. The cracker will also supply ethylene to HDPE and alpha-olefin plants being built by Q-Chem II that are due for completion in H111. As a result of the technical issues, PE output from QAPCO and Qatofin plants has fallen. Given the slowdown in end markets, reduced operating rates at RLOC were a relief for competitors who feared its impact on the Asian market, which risked being saturated leading to downward pressure on prices, lower margins and the potential scaling back of petrochemical operating rates. Qatar maintains third place in the rankings for Middle East and Africa with 62.0 points, unchanged since the previous quarter. This puts it 1.0 point behind the UAE and 4.0 points ahead of Kuwait. Qatar's progress in raising its petrochemical capacity could still falter due to rising construction costs and tightening lending conditions. Nevertheless, Qatar's petrochemical-specific ratings are strong, with cracker capacity set to increase significantly over the next five years and the country hosting the second largest polyolefins production capacity in the GCC after Saudi Arabia. Underpinned by one of the highest levels of GDP per capita in the world and no history of political tension, Qatar remains a bastion of stability in a highly turbulent region. Qatar's weakness is its relative lack of economic diversification compared with other countries in the region.
Table of Content Executive Summary SWOT Analysis
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Qatar Petrochemicals Sector Industry SWOT Qatar Political SWOT
Qatar Petrochemicals Report Q4 2011 (From Issuu)
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Qatar Business Environment SWOT
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Global Petrochemicals Overview
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Table: World Ethylene Production By Country, 2010 And 2015 ('000 tonnes capacity) Financial Results
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Gulf Regional Overview
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Table: Announced Ethylene Crackers In The Gulf Region Qatar Market Overview
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Table: Qatar's Petrochemical Plants
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Industry Trends And Developments
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Upstream Developments Olefins
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Derivatives
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Table: Upcoming And Recent Projects Fertiliser
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Foreign Investment
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Financial Developments
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Business Environment
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Petrochemicals Business Environment Ratings
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Table: Middle East And Africa Petrochemicals Business Environment Ratings Qatar's Foreign Investment Policy Industry Forecast Scenario
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Table: Qatar's Petrochemicals Sector, 2007-2015 ('000 tpa unless otherwise stated) Macroeconomic Outlook
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Table: Qatar ' Economic Activity, 2008-2015 Company Profiles
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Qatar Chemical Company (Q-Chem) Qatar Fertiliser Company (Qafco)
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Qatar Fuel Additives Company (Qafac)
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Qatar Petrochemicals Company (QAPCO)
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Qatar Plastic Products Company (QPPC) Qatar Vinyl Company (QVC)
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Glossary Of Terms
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Table: Glossary Of Petrochemicals Terms BMI Methodology
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How We Generate Our Industry Forecasts
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Chemicals and Petrochemicals Industry Cross Checks
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Business Environment Ratings
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Table: Petrochemicals Business Environment Indicators And Rationale Table: Weighting Of Indicators
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