Qatar Petroleum looks for expansion capital
Qatar Petroleum (QP) plans to raise $27,000 million in debt over the coming three years to support its capital investment programme.
Of the total, about $10,000 million will be closed this year and a further $11,000 million in 2008, the head of QP's project finance group, Abdulrahman al-Shaibi, said on 26 February at MEED's Project Finance Conference in Doha.
More than $7,000 million of financing will close in the second quarter of this year covering the Qatargas 4 liquified natural gas (LNG) project, the Mesaieed independent power project (IPP) and the Qatar Fertiliser Company (Qafco) expansion scheme.
They will be followed in the third quarter by the closure of the estimated $2,500 million debt package on the Qatalum aluminium smelter.
Financing for the RasGas 3 LNG project and the planned Honam petrochemicals complex will go to market in the final quarter of 2007, followed by the Ras Laffan C IPP and the RasGas terminal scheme in early 2008. Al-Shaibi said that three further petrochemical schemes, understood to include the Ras Laffan cracker, planned by the US' ExxonMobil Corporation, and a proposed aromatics complex, are due to close with a total debt requirement of about $6,000 million in 2009.
During the next five years, QP's capital expenditure will total $80,000 million-100,000 million, excluding three gas-to-liquids projects that were put on hold in 2005 and a fourth, being promoted by QP and ExxonMobil, that was cancelled in mid-February due to surge in project costs.
The bulk of the expenditure will be invested in North field-related industries.
Qatar Petroleum (QP) plans to raise $27,000 million in debt over the coming three years to support its capital investment programme.
Of the total, about $10,000 million will be closed this year and a further $11,000 million in 2008, the head of QP's project finance group, Abdulrahman al-Shaibi, said on 26 February at MEED's Project Finance Conference in Doha. More than $7,000 million of financing will close in the second quarter of this year covering the Qatargas 4 liquified natural gas (LNG) project, the Mesaieed independent power project (IPP) and the Qatar Fertiliser Company (Qafco) expansion scheme. They will be followed in the third quarter by the closure of the estimated $2,500 million debt package on the Qatalum aluminium smelter. Financing for the RasGas 3 LNG project and the planned Honam petrochemicals complex will go to market in the final quarter of 2007, followed by the Ras Laffan C IPP and the RasGas terminal scheme in early 2008. Al-Shaibi said that three further petrochemical schemes, understood to include the Ras Laffan cracker, planned by the US' ExxonMobil Corporation, and a proposed aromatics complex, are due to close with a total debt requirement of about $6,000 million in 2009. During the next five years, QP's capital expenditure will total $80,000 million-100,000 million, excluding three gas-to-liquids projects that were put on hold in 2005 and a fourth, being promoted by QP and ExxonMobil, that was cancelled in mid-February due to surge in project costs. The bulk of the expenditure will be invested in North field-related industries.This content is only available to full MEED package subscribers (MEED magazine and MEED.com).
If you are already a subscriber to the MEED package and have activated your online subscription, sign in
If you are already a subscriber to the MEED package but have not activated your online subscription, please activate here
If you would like to subscribe to the full MEED package and get access to the whole of the website, please subscribe here
If you are a MEED magazine only subscriber and would like full access to MEED.com, please contact Customer Services who will upgrade your subscription.
