Qatar, U.S. firm sign $7 billion contract

July 14, 2004 at 7:09 AM
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DOHA, Qatar, July 14 (UPI) -- Qatar Petroleum signed a $7 billion contract with U.S. Exxon Mobile Co. Wednesday to build a plant for liquefying natural gas.

The contract was signed by Qatari Minister of Energy and Industry Abdullah bin Hamad al-Atiya and Exxon Mobile's deputy executive president, the Qatari news agency reported.

The project will be built in the industrial zone of Ras Laffan and will be wholly financed by Exxon Mobile, al-Atiya said.

He said the plant would produce 160,000 barrels of liquefied gases, including clean diesel, naphtha, and several oils.

"The project constitutes a great step on the way of achieving the Emir of Qatar's ambitious plan of exploiting the country's natural resources in order to diversify the sources of national income and secure development for the interest of the emirate and its people," al-Atiya added.

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