Collected Qatar Energy Company and the American “Chevron Phillips”, Funding of about $5.1 billion for their joint petrochemical project in the Gulf of Mexico, according to sources familiar with the matter told Al Arabiya.net.
The sources indicated that the financing collected by the two companies is distributed over a commercial loan of about $3.8 billion from commercial banks, in addition to a joint loan line of about $1.3 billion from Chevron Petrochemicals.
The commercial banks involved in providing financing include MUFG, Mizuho, Scotiabank and Bank of China with $400 million each, as well as Societe Generale, KDB and the Arab Petroleum Corporation (Apicorp) with about $300 million.
The banks financing the loan also include HSBC, with financing of $270 million, and another $250 million tranche provided by BNP Paribas and JPMorgan, as well as a $100 million tranche provided by Riyad Bank. And “National Kuwait” and “Credit Agricole”.
The French bank “Societe Generale” provides financial advisory services to “Qatar Energy” and “Chevron”, according to what the sources told Al Arabiya.net.
The two companies had established a partnership for this project, with a stake of 51% for Chevron Phillips Chemicals and 49% for Qatar Energy.
The facility, to be built in Orange, Texas, is Qatar Energy’s largest investment in petrochemicals to date.
The $8.5 billion plant, which is scheduled to begin operations in 2026, will produce Marlex polyethylene, which is used in the production of durable goods, including natural gas pipelines, and recreational products such as rowing boats.
The US Gulf Coast Chemicals 2 project includes an ethane cracker with an annual production capacity of two million tons of ethylene, making it the largest of its kind in the world.
It also includes two units for the production of high-density polyethylene with an annual production capacity of one million tons each.