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Gulf Times (Qatar): QP International, Shell to form joint venture for investment abroad

Published: Tuesday, 12 June, 2007, 01:53 AM Doha Time 
By Pratap John

DOHA: Qatar Petroleum International (QPI), the overseas investment arm of QP, will soon form a joint venture with Shell to invest in energy-related ventures outside Qatar.

Speaking to Gulf Times here yesterday, HE the Second Deputy Premier and Minister of Energy and Industry, Abdullah bin Hamad al-Attiyah said QPI’s remit would cover upstream oil and gas exploration to building refineries and petrochemical plants.

“We don’t identify locations using a map. We go wherever there are opportunities. We are looking at various countries,” al-Attiyah said. He said QP’s partnership with Shell was significant because the latter had made huge investments in Qatar. It has invested billions of dollars on Pearl GTL, Qatar’s second and the world’s largest fully integrated gas-to-liquids plant. Shell has also invested in Qatargas 4.

“Shell has one of its largest investments now in Qatar,” the Deputy Premier said.
He said besides Shell, QPI had teamed up with Occidental Petroleum to set up an oil refinery in Panama.

The $7bn oil refinery in the South American country would have a daily production capacity of 350,000 barrels.

QPI is also planning to set up an oil refinery in Tunisia following a feasibility study, he said. “We are now the frontrunners for the refinery project at Tunisia,” the Deputy Premier said.

Al-Attiyah said QPI also planned to team up with other major international energy companies as it looked around for investment opportunities in various countries.
“We will announce them in due course,” he said.

QP has already made multi-billion-dollar investments abroad, teaming up with ExxonMobil and ConocoPhillips on the Golden Pass LNG terminal in the US and with ExxonMobil and Total on the South Hook Terminal near Wales in the United Kingdom.

Both the terminals will be receiving gas from RasGas and Qatargas.

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