(BUSINESS WIRE) -- Ras Laffan Petrochemicals, a joint venture company owned 30% by Chevron Phillips Chemical and 70% by QatarEnergy, today announced that it has secured $4.4 billion to finance an integrated polymers facility to be located in Ras Laffan Industrial City, Qatar.

The project financing comprises commercial and Islamic lenders and a group of export credit agencies.

“CPChem very much appreciates the support of the export credit agencies and financial institutions that are participating in the financing of this project,” said Darren Ercolani, CPChem Senior Vice President, Finance, and Chief Financial Officer. “This financing helps support CPChem’s growth strategy and our productive collaboration with QatarEnergy.”

Finalizing the financing is a key milestone in the development of the 435-acre petrochemical project, which will include the largest ethane cracker in the Middle East and one of the largest in the world. The facility will have a capacity of 2.1 million metric tons per year of ethylene and will also include two high-density polyethylene derivative units with a total annual capacity of 1.7 million metric tons.

The polyethylene units will use CPChem’s MarTech™ loop slurry process to produce high-density polyethylene for durable goods like pipe for natural gas and water delivery and packaging applications to protect and preserve food and keep medical supplies sterile.

CPChem and QatarEnergy reached positive final investment decision for the Ras Laffan Petrochemicals project in January 2023, and startup of the facility is expected in late 2026.

The two companies also are constructing a joint venture integrated polymers facility on the Texas Gulf Coast, which is expected to be operational in 2026.

About Chevron Phillips Chemical

“Chevron Phillips Chemical” includes Chevron Phillips Chemical Company LLC and its wholly owned subsidiaries. Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, polyethylene piping and polymer resins. With approximately 5,000 employees, Chevron Phillips Chemical and its affiliates own nearly $19 billion in assets, including 31 manufacturing and research facilities in six countries. Chevron Phillips Chemical is owned equally by Chevron U.S.A., Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com and follow us on social media: @chevronphillips.

“Chevron Phillips Chemical” or “CPChem” may refer to one or more Chevron Phillips Chemical’s subsidiaries or affiliates or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

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