Qatar Petroleum and ExxonMobil Chemical Sign Agreement for Petrochemical Complex in Ras Laffan

DOHA, QATAR & HOUSTON--(BUSINESS WIRE)--Qatar Petroleum (QP) and ExxonMobil Chemical Qatar Limited, a subsidiary of Exxon Mobil Corporation, announced they have signed an agreement to progress the joint development of a world-scale petrochemical complex in Ras Laffan Industrial City, Qatar. The proposed complex would include the world's largest steam cracker and polyethylene plants, and one of the world's largest ethylene glycol plants. The announcement was made by His Excellency, Abdullah bin Hamad Al-Attiyah, Qatar Deputy Premier, Minister of Energy and Industry and QP Chairman, and by Steve Pryor, President, ExxonMobil Chemical Company, at a signing ceremony held in Doha.

"ExxonMobil Chemical is looking forward to working with Qatar Petroleum to develop this world-class petrochemical complex featuring ExxonMobil's industry-leading, proprietary technology."

"The State of Qatar has embarked on ambitious programs to utilize and develop its hydrocarbon resources. This agreement represents another important step to achieve the vision of His Highness the Emir Sheikh Hamad Bin Khalifa Al-Thani, for the optimal utilization of the country's natural resources," His Excellency Al-Attiyah said.

"Teams from Qatar Petroleum and ExxonMobil have worked together to develop a leading-edge project that will meet the growing global demand for petrochemical products," added Pryor. "ExxonMobil Chemical is looking forward to working with Qatar Petroleum to develop this world-class petrochemical complex featuring ExxonMobil's industry-leading, proprietary technology."

The proposed petrochemical complex would include a 1.6 MTA steam cracker, two 650 KTA gas phase polyethylene plants, and a 700 KTA ethylene glycol plant. The project will employ ExxonMobil's proprietary steam cracking and polyethylene process, and product technologies. It will utilize feedstock from gas development projects in Qatar's North Field and produce a range of premium products to serve global petrochemical demand, with a particular focus on the growing Asia markets.

Start-up of the proposed facility is estimated in late 2015.

Qatar Petroleum and ExxonMobil are currently working together to diversify the use of Qatar's North Field gas including the expansion of facilities to deliver liquefied natural gas resources to targeted markets, and the supply of pipeline gas to domestic customers.

Qatar Petroleum

Qatar Petroleum (QP), www.qp.com.qa, is a state-owned corporation established, by Emiri Decree No 10, in 1974 responsible for all phases of the oil and gas industry in Qatar. The principal activities of Qatar Petroleum and its subsidiaries and joint ventures cover exploration, drilling and production operations, transport, storage, marketing and sale of crude oil, natural gas liquids, liquefied natural gas, refined products, petrochemicals and fertilizers, and providing helicopter services.

About ExxonMobil Chemical

ExxonMobil Chemical is one of the world's premier petrochemical companies with manufacturing, technology, and marketing operations around the world. The company delivers a broad portfolio of products and solutions efficiently and responsibly, with a commitment to create outstanding customer and shareholder value. ExxonMobil Chemical endorses the principles of sustainable development, including the need to balance economic growth, social development and environmental considerations. To learn more, visit www.exxonmobilchemical.com.

Editor's note: The term "ExxonMobil Chemical Company" refers collectively to some or all of the companies affiliated with Exxon Mobil Corporation, and/or itself, which have chemical manufacturing and/or marketing operations around the world.

NOTE: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including project plans, could differ materially depending on the outcome of commercial negotiations, changes in supply and demand for petrochemical products, changes in law or government policy, and other factors discussed under the caption "Factors Affecting Future Results" in item 1 of ExxonMobil's most recent 10-K and available on our website at www.exxonmobilchemical.com.

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ExxonMobil Chemical
Jeff Neu, +1 281-870-6607