Shell halts US$6.5billion Qatar petrochemical project as oil prices fall
January 14, 2015 | Middle East, Petrochemicals
The joint venture between the Anglo-Dutch energy giant and state-owned Qatar Petroleum had been signed in December 2011. Doha, Qatar | – Qatar Petroleum and Royal Dutch Shell have scrapped plans for a petrochemicals project, worth an estimated US$6.5 billion, due to the slump in global oil prices. In a statement issued on Wednesday (Jan 14), Shell said the Al Karaana project would not go ahead because of the “high envisaged capital cost that has rendered it commercially unfeasible, particularly in the current economic climate …