New Energy market report from Business Monitor International: "Qatar Petrochemicals Report Q2 2013"
Boston, MA -- (SBWIRE) -- 03/18/2013 -- BMI's latest Qatar Petrochemicals Report examines the latest additions to the country's petrochemicals and fertiliser industries and their position in an increasingly competitive export market. It assesses the shortcomings of the petrochemicals industries where there is a lack of added value which, coupled with rising ethane costs, will affect Qatar's ability to defend its operating margins. It the report also asses the performance of key export markets, particularly China and India, as well as the effects of growing US ethylene capacity on Qatar's future growth prospects.
Qatar's reliance on ethane feedstock has limited its petrochemicals industry to some extent as it does not produce the same range of by-products as those countries which rely on propane and naphtha feedstocks. This means it is likely to be sidelined in the special chemicals markets because, although the government is seeking to redress this imbalance with mixed crackers, other industries are also capitalising on the increasing global demand, and Qatar will be left behind. In particular, this has affected Qatar's lack of aromatics production leaving it with a narrow product portfolio.
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Planned projects include the US$5.5bn Ras Laffan complex which is on schedule. A final investment decision on Qatar Petroleum's proposed joint venture (JV) with Shell at Ras Laffan is expected in 2014 with total finished petrochemicals productions over 2 million tonnes per annum (mn tpa). Due onstream in Q4 2015, ExxonMobil's JV with QP, will lead to the construction of an ethane-fed cracker with capacity of 1.6mn tpa ethylene and downstream units including two 650,000tpa polyethylene (PE) plants and a 700,000tpa ethylene glycol unit. Separately, the recently completed RLOC cracker is expected to benefit from expansion work during its next maintenance turnaround - scheduled for 2013-14.
Overall, the petrochemicals market is going to undergo a period of massive change over the next decade, as unconventional shale and gas reserves are produced and alter market dynamics. Given the vast reserves thought to be available in Qatar, the impact of the eventual recovery of these hydrocarbons resources cannot be underestimated.
BMI notes the following developments in Qatar's petrochemical industry:
- Qatar's petrochemicals-specific ratings are strong, with cracker capacity set to increase significantly over the next five years and the country hosting the second largest polyolefins production capacity in the Gulf Cooperation Council (GCC), after Saudi Arabia. Qatar's weakness is its relative lack of economic diversification compared with other countries in the region. Qatar is ranked third in the region with an overall score of 60.6, up 0.5 points and up one place since the previous quarter due to an improvement in country risk. This puts it 0.1 point ahead of Kuwait and 3.4 points behind the UAE.
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