Commodity Online
DOHA: China's top oil and gas producer, PetroChina and Qatar Petroleum International (QPI) have entered into an agreement to set up a multibillion world-scale petrochemical complex in China.

Speaking to reporters here, QPI Chief Executive Officer Nasser Al-Jaidah said, the facility, which is slated to start operations in 2013, would boast a condensate splitter with 200,000 barrels per day capacity.

He said Heads of Agreement is expected to be signed in the near future, while the feasibility study will be conducted jointly with PetroChina after the fiscal structure details have been sorted out.

This will mark the first such venture for QPI, the investment arm of state-owned Qatar Petroleum (QP) in the Chinese energy market.

QPI and China National Petroleum Corporation (CNPC), the parent company of PetroChina on Monday signed a Letter of Intent for the petrochemical facility to be set up in China.