Qatar Petroleum (QP) and South Africa-based PetroWorld, a joint venture between Transworld Exploration and the Petroleum Oil and Gas Corporation, on 14 September signed a heads of agreement for the development of a large-scale fuel grade methanol project. The deal is estimated to be worth $1,000 million.
The agreement was signed by Qatari Minister of Energy and Industry, Abdullah al-Attiya and South Africa's Minerals and Energy Minister Phumzile Mlambo-Ngcuka.
The feasibility study for the project will be completed by the end of 2003 and it is expected that the plant will come onstream by 2008.
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