11 November 2009 12:04 [Source: ICIS news]
(Recasts lead and adds updates all throughout.)
SINGAPORE (ICIS news)--Shell’s agreement to set up a new partnership with Qatar Petroleum International (QPI) from its existing petrochemical assets in Singapore is driven by the search for a feedstock edge, an official with Shell Chemicals said on Wednesday.
“One of the critical success factors of any petrochemicals facility, whether it is in the Middle East or here in ?xml:namespace>
“I’m hopeful that condensates and liquefied petroleum gas (LPG) would flow from
Shell on Wednesday agreed to sell its 50% stake in naphtha cracker operator Petrochemical Corporation of Singapore (PCS) to a new joint venture with Qatar Petroleum – QPI and Shell Petrochemicals Singapore (Pvt) Ltd.
Shell’s 30% interest in downstream polyethylene (PE) and polypropylene (PP) maker The Polyolefin Company (Singapore) Pte Ltd (TPC) will also be transferred to the new joint venture company held with Qatar Petroleum.
Shell and Qatar Petroleum declined to comment on the cost of the deal.
The shareholdings of Sumitomo Chemical in both PCS and TPC, at 50% and 70% respectively, remain unaffected by the deal.
Senior executives at the long-established TPC have been concerned for some time about the wave of large new
Shell has a cracker project in
($1 = €0.67)
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