22 April 2013 07:04 [Source: ICIS news]
SINGAPORE (ICIS)--Cosmo Oil and three other Japanese firms – Idemitsu Kosan, Marubeni and Mitsui & Co – have agreed with Qatar Petroleum (QP) and France’s Total to invest in a new condensate refinery to be built at Ras Laffan Industrial City in Qatar.
Under the agreement, Qatar Petroleum will own 84% of the Laffan Refinery Co 2 (LR2) joint venture, while Total will hold 10% of the project, which is expected to cost around $1.5bn (€1.1bn), according to Cosmo Oil in a statement on Monday.
Cosmo Oil and Idemitsu Kosan will each hold a 2% stake in LR2, while Marubeni and Mitsui & Co will each own 1%, the statement said.
LR2 will be of “the same size as the first”, with construction expected to be completed by the second half of 2016, it said.
In a separate statement, Idemitsu said that while the energy sector has been changing due to the development of shale gas and oil in the US and as demand for energy continues to grow in China and other markets, the enhancement of partnerships with oil and gas producing countries in the Middle East remains very important.
“The participation of Idemitsu in LR2 will contribute in improving the company’s stable and flexible procurement of crude oil and petroleum products as well as further strengthen its strategic partnership with Qatar,” it said.
“Idemitsu expects to be able to expand its involvement in the fields of petroleum/petrochemical products business and natural gas-related businesses that are being implemented in Qatar,” the firm added.
($1 = €0.76)
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