Qatar Plans to Invest $20 Billion in Foreign Oil, LNG Projects
Qatar Petroleum Corp. will invest or is negotiating investments abroad worth $20 billion, including a $7 billion oil refinery in Panama with Occidental Petroleum Corp., Qatar’s energy minister said.
Qatar Petroleum International, the state-owned company’s foreign investment arm, has “teamed up” with Occidental to build a 350,000 barrel-a-day oil refinery in the Central American country, Abdullah Bin Hamad al-Attiyah said in comments published today by state-run Qatar News Agency.
Qatar Petroleum International also owns a 70 percent stake in a project that is building a liquefied natural gas terminal in Texas at a cost of $2.2 billion, Nasser al-Jaidah, Qatar Petroleum International’s chief executive officer said in the same statement. Exxon Mobil Corp., the world’s biggest publicly traded oil company, owns a 20 percent stake in the project and ConocoPhillips, the second-largest U.S. refiner, 10 percent, the report said.
Qatar Petroleum International also owns 45 percent stake in an Italian LNG receiving terminal that will be completed in 2008. Exxon Mobil owns another 45 percent stake in the project while an Italian company owns the rest, the news service said.
Information from: quote.bloomberg.com
