12 July 2002 07:27 [Source: ICIS news]
SINGAPORE (CNI)--Japan's Mitsui & Co has agreed to buy Qatar Petroleum's 50% share of annual methanol production from Qatar Fuel Additives Co's (Qafac) facility at Mesaieed, Qatar, for an estimated $160m/year, according to the Qatar News Agency.
The deal means that starting from this July, Mitsui will buy 300 000-320 000 tonne/year of methanol from Qafac for the next four-and-a-half years, the agency reported.
A Mitsui & Co spokesman could not immediately confirm the news agency report and was not able say what the methanol feedstock would be used for.
Qatar Petroleum has a 50% stake in Qafac, with China Petroleum Corp holding a 20% share. Lee Chang Yung Chemical Industry Corp and International Octane Ltd each own a 15% stake in the company.
Qafac has a capacity of 825 000 tonne/year of methanol and 610 000 tonne/year of methyl tertiary butyl ether (MTBE).
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