QatarEnergy, Chevron Phillips Secure $4.4 Bln Financing for Petrochemicals Project

Ras Laffan Industrial City, north of Qatari capital, Doha. (Getty Images)
Ras Laffan Industrial City, north of Qatari capital, Doha. (Getty Images)
TT

QatarEnergy, Chevron Phillips Secure $4.4 Bln Financing for Petrochemicals Project

Ras Laffan Industrial City, north of Qatari capital, Doha. (Getty Images)
Ras Laffan Industrial City, north of Qatari capital, Doha. (Getty Images)

QatarEnergy and Chevron Phillips Chemical Company LLC announced on Monday that they have secured $4.4 billion financing for the Ras Laffan Petrochemicals project.

QatarEnergy revealed in a press release that the project is a world-scale integrated polymers complex in Ras Laffan Industrial City, Qatar.

The project financing comprises commercial and Islamic lenders and a group of export credit agencies.

Ras Laffan Petrochemicals is a joint venture company owned 30% by Chevron Phillips Chemical and 70% by QatarEnergy, the statement added.

The project is considered the largest petrochemical project in Qatar for which the Final Investment Decision was announced in January 2023.

“This oversubscribed financing package is an important testament to the financial community’s confidence in Qatar and in its energy and petrochemical industries,” said Qatar's Minister of State for Energy Affairs and President and CEO of QatarEnergy Saad bin Sherida al-Kaabi.

Al-Kaabi added: “This large-scale cornerstone investment represents a significant achievement and a major milestone for the Ras Laffan Petrochemicals project - the largest in the Middle East and one of the largest in the world. We are very pleased to enter this exciting stage of this project with our long-time partner Chevron Phillips Chemical.”

The complex, expected to begin production in late 2026, consists of an ethane cracker with a capacity of about 2.1 million tons of ethylene per annum.

It also includes two polyethylene trains with a combined output of 1.7 million tons per annum of High-Density Polyethylene (HDPE) polymer products, which are used in a wide range of applications, including packaging, construction, and consumer goods.

This complex will raise Qatar’s overall petrochemical production capacity to almost 14 million tons per annum.

The project is expected to generate significant economic benefits for the country, including increased tax revenue and foreign investment.

The two companies signed in January agreements to build the $6 billion complex.



Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)
Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)
TT

Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)
Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)

A strike at Starbucks' US stores will expand to over 300 stores on Tuesday, with more than 5,000 workers expected to walk off the job, before the five-day work stoppage ends later on Christmas Eve, the workers' union said.

Starbucks Workers United, representing employees at 525 stores nationwide, said more than 60 US stores across 12 major cities, including New York, Los Angeles, Boston and Seattle, were shut on Monday.

Talks between Starbucks and the union had hit an impasse with unresolved issues over wages, staffing and schedules, leading to the strike.

The Christmas Eve strike on Tuesday was projected to be the largest ever at the coffee chain, the union added. "These strikes are an initial show of strength, and we're just getting started," an Oregon barista said in a union statement.

When asked for a response, a Starbucks spokesperson referred to a company statement it released on Monday.

It said that the vast majority of Starbucks stores will continue to operate and serve customers, adding that it expects a "very limited impact" to overall operations. Starbucks has over 10,000 company-operated stores across the US.

"We are ready to continue negotiations when the union comes back to the bargaining table", the company said.

The Seattle-headquartered firm had previously claimed that the union delegates prematurely ended the bargaining session.

Earlier this month, the workers' group rejected an offer of no immediate wage hike and a guarantee of a 1.5% pay increase in future years.

The union also said that Starbucks has yet to present its workers with "a serious economic proposal."