Date: Wed, 19 Nov 1997 23:31:40 GMT Server: Apache/1.2.0 Last-Modified: Tue, 18 Nov 1997 00:07:27 GMT ETag: "1d857c-ecb-3470dc3f" Content-Length: 3787 Accept-Ranges: bytes Connection: close Content-Type: text/html Phillips, Qatar Sign Joint-Venture Agreement For Petrochemical Complex
11/17/97 Phillips Petroleum Company

Phillips, Qatar Sign Joint-Venture Agreement
For Petrochemical Complex

Signing ceremony follows earlier agreement
For major ethylene-polyethylene complex

BARTLESVILLE, Okla., November 17, 1997 --- Phillips Petroleum Company [NYSE:P] and Qatar General Petroleum Corporation (QGPC) signed a joint-venture agreement Sunday for a new petrochemical complex in the Mesaieed Industrial Area of Qatar.

The two companies signed an initial agreement for the complex in May.

The new complex will use Phillips’ proprietary technology for polyethylene and hexene-1. It will include a 1.1 billion pounds-per-year ethylene plant; a 100 million pounds-per-year hexene-1 plant; and manufacturing facilities for producing 1 billion pounds per year of polyethylene, including high-density polyethylene and linear low-density polyethylene.

Construction is expected to begin in 1999, with initial production in mid-2001. QGPC will have a 51 percent interest, and Phillips a 49 percent interest.

Phillips is an integrated petroleum company with 17,000 employees worldwide. Founded in Bartlesville, Okla., in 1917, the company has $14.2 billion of assets and $16 billion of annualized revenues.


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