WGC: QatarEnergy sees big growth in chemical industry, CEO says
BEIJING: QatarEnergy plans to more than double its capacity for plastics raw materials globally as it sees big growth in the chemical industry, Chief Executive Saad al-Kaabi said on Wednesday.
The state-owned company expects its U.S. ethane cracker project to start production in the first quarter of 2027, he told the World Gas Conference.
The project, a joint venture with Chevron Phillips Chemical, had been expected to begin operations in 2026, according to the U.S. company's website. It will include a 2.08 million metric tons per year (tpy) ethane cracker and two 1 million tpy high-density polyethylene units.
Ethane is a byproduct of shale gas production. More petrochemical producers globally are building ethane crackers or reconfiguring their plants to process more ethane to reduce costs and capitalise on rising U.S. supplies as they face thin margins and global oversupply.
Qatar, one of the world's three largest exporters of liquefied natural gas (LNG), expects its North Field East natural gas expansion project to begin production in mid-2026, he said, repeating comments on the timeline he made in a statement on Tuesday.
Gas is needed for industry, for power, for chemicals, for food, Kaabi said, adding that gas is going to be the backbone for the next century for all societies around the world.
"Anyone who's burning fuel oil or diesel for power can easily make the conversion from a cost perspective to gas," he said. (Reporting by Colleen Howe; Writing by Florence Tan; Editing by Tom Hogue and Christian Schmollinger)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
11 hours ago
- UAE Moments
US Airlines Cut Gulf Routes Amid Regional Tensions
American Airlines and United Airlines have suspended their Gulf routes due to escalating tensions in the Middle East. The move marks the first time major U.S. carriers have paused services to key transit hubs like Doha and Dubai, raising concerns among travelers and industry insiders. American Airlines Suspends Philadelphia–Doha Route American Airlines has suspended its daily flight from Philadelphia to Doha, Qatar. The last flight departed from Doha early Thursday, and service is paused until at least June 22. The decision follows a security advisory from the U.S. Embassy in Qatar, which urged American citizens to remain vigilant, avoid demonstrations and large gatherings, and keep a low profile. In a statement, American Airlines said: 'We will continue to monitor the situation with safety and security top of mind and will adjust our operation further as needed.' United Airlines Halts Newark–Dubai Service United Airlines also announced it has paused its daily Newark–Dubai flights. The airline stated it would resume the service only 'when it's safe.' This follows earlier suspensions of Tel Aviv routes by both United and Delta, after Israel launched airstrikes against Iran earlier this month. Major Hubs Affected for the First Time This is the first time the aviation disruption caused by the Israel–Iran conflict has affected regional transit giants like Dubai and Doha. These hubs are vital for long-haul flights connecting the U.S., Europe, and Asia. Air France-KLM and Air Canada have also canceled multiple flights to Gulf destinations this week, including Dubai and Riyadh, signaling a wider trend of caution among global carriers. Airspace Disruptions Continue Airspace closures reached a peak on Friday. Israel halted all overflights, and Iran temporarily shut down operations at Tehran's main airport. Other countries in the region, like Iraq, Syria, Jordan, and Lebanon, have been alternating between opening and closing their airspace as tensions evolve. Meanwhile, the U.S. Embassy in Qatar reported temporary restrictions on access to Al Udeid Air Base, a key U.S. and allied military facility in the region. What This Means for Travelers If you're traveling to or through the Middle East in the coming weeks, be sure to double-check your flight status and monitor embassy advisories. Airlines are expected to resume services only when the regional situation stabilizes.
Zawya
14 hours ago
- Zawya
NBA superstar and international businessman Kevin Durant partners with Qatar Sports Investments
Innovative collaborations planned on Merchandise, Media Content, Community Programs and potential Basketball/Multi-Sport expansion Los Angeles, Paris – Qatar Sports Investments, the majority-owner of European Champions Paris Saint-Germain, has signed an investment and strategic partnership agreement with Kevin Durant, one of the most decorated US basketball players of all time and a leading investor in sports and entertainment properties. The deal will see Durant – via his media and investment arm Boardroom, with entrepreneur and long-time business partner Rich Kleiman – acquire a direct minority stake in the Club. In August 2024, Durant – the two-time NBA Champion, four-time Olympic gold medalist, MVP, and fifteen-time NBA All-Star – partnered with Paris Saint-Germain through Arctos Partners, a minority shareholder in the Club. Earlier this week, Qatar Sports Investments and Boardroom Sports Holdings – Durant's personal investment vehicle which holds stakes in a range of leading sports teams and leagues – signed a share purchase and strategic partnership agreement whereby Durant has become a direct minority shareholder in Paris Saint-Germain. As part of the relationship, Boardroom and Qatar Sports Investments will partner on a wide-series of commercial, investment, and content initiatives; and Durant will support the Club on its continued sports and business diversification and growth – including co-developing merchandise and original media content; advising on the Club's US and other international markets strategy; supporting PSG for Communities (the Club's charitable foundation and fundraising arm); and consulting on Paris Saint-Germain's multi-sport strategy including potential plans in basketball. Nasser Al-Khelaïfi, Chairman of Qatar Sports Investments said, 'QSI is pleased to welcome Kevin Durant as a direct shareholder in Paris Saint-Germain and strategic partner of our Group. We continually seek to elevate the Club and our broader portfolio through high-impact partnerships that bring strategic value, innovation, and global perspective. Together with Kevin, we look forward to developing ambitious initiatives that will drive the continued global growth of Paris Saint-Germain and QSI.' Kevin Durant said, 'It is an honour to partner with QSI and be a shareholder in Paris Saint-Germain – a Club and a city that is so close to my heart. This club has big plans ahead, and I can't wait to be a part of the next phase of growth; and to explore new investment opportunities with QSI.' About Qatar Sports Investments Qatar Sports Investments (QSI) is a strategic investment group focused on world-class assets across sport, entertainment, lifestyle, and culture. Founded in 2004, QSI brings hands-on expertise, innovative capital solutions, and a long-term vision to each of its investments. Its portfolio includes the iconic football club and current European Champions Paris Saint-Germain (PSG), the global professional padel tour Premier Padel, and the historic Portuguese football club Sporting Clube de Braga (SC Braga), together with major investments in Art Basel and other leading assets. With a proven track record of transformative impact, QSI continues to shape the future of cultural and entertainment experiences worldwide. For more information, please contact: media@ About Boardroom Boardroom is a media brand co-founded by Kevin Durant and Rich Kleiman that focuses on the intersection of sports, entertainment, and business. Boardroom's media arm produces daily and weekly newsletters along with premium content showcasing how athletes, executives, musicians, and creators are moving the business world forward. Boardroom's network reaches over 52 million unique visitors each month, delivering a powerful blend of premium content and immersive experiences. Boardroom's signature events – including the annual CNBC x Boardroom Game Plan Summit, NBA and WNBA All-Star weekend activations, and other tentpole moments like F1 Miami, US Open, and Art Basel – consistently attract an elite network of athletes, entertainers, and entrepreneurs who are shaping the future of business. Boardroom's advisory arm consults and connects athletes, brands, and executives with its broader network and initiatives while Boardroom Sports Holdings invests in sports teams and leagues, including the Major League Pickleball team, the DC Pickleball Team, NWSL champions Gotham FC, and MLS' Philadelphia Union. Recent film and TV projects under the Boardroom brand include the Academy Award-winning Two Distant Strangers (Netflix), the critically acclaimed scripted series Swagger (Apple TV+) and Emmy-nominated documentary NYC Point Gods (Showtime).
Sharjah 24
15 hours ago
- Sharjah 24
Labubu dolls ride China soft-power wave
Beijing-based Pop Mart is part of a rising tide of Chinese cultural exports gaining traction abroad, furry ambassadors of a "cool" China even in places associated more with negative public opinion of Beijing such as Europe and North America. Labubus, which typically sell for around $40, are released in limited quantities and sold in "blind boxes", meaning buyers don't know the exact model they will receive. The dolls are "a bit quirky and ugly and very inclusive, so people can relate", interior designer Lucy Shitova told AFP at a Pop Mart store in London, where in-person sales of Labubus have been suspended over fears that fans could turn violent in their quest for the toys. "Now everything goes viral... because of social media. And yes, it's cool. It's different." While neighbouring East Asian countries South Korea and Japan are globally recognised for their high-end fashion, cinema and pop songs, China's heavily censored film and music industry have struggled to attract international audiences, and the country's best-known clothing exporter is fast-fashion website Shein. There have been few success stories of Chinese companies selling upmarket goods under their own brands, faced with stereotypes of cheap and low-quality products. "It has been hard for the world's consumers to perceive China as a brand-creating nation," the University of Maryland's Fan Yang told AFP. Pop Mart has bucked the trend, spawning copycats dubbed by social media users as "lafufus" and detailed YouTube videos on how to verify a doll's authenticity. Brands such as designer womenswear label Shushu/Tong, Shanghai-based Marchen and Beijing-based handbag maker Songmont have also gained recognition abroad over the past few years. "It might just be a matter of time before even more Chinese brands become globally recognisable," Yang said. TikTok effect Through viral exports like Labubu, China is "undergoing a soft-power shift where its products and image are increasingly cool among young Westerners," said Allison Malmsten, an analyst at China-based Daxue Consulting. Malmsten said she believed social media could boost China's global image "similar to that of Japan in the 80s to 2010s with Pokemon and Nintendo". Video app TikTok -- designed by China's ByteDance -- paved the way for Labubu's ascent when it became the first Chinese-branded product to be indispensable for young people internationally. Joshua Kurlantzick from the Council on Foreign Relations (CFR) told AFP that "TikTok probably played a role in changing consumers' minds about China". TikTok, which is officially blocked within China but still accessible with VPN software, has over one billion users, including what the company says is nearly half of the US population. The app has become a focus of national security fears in the United States, with a proposed ban seeing American TikTok users flock to another Chinese app, Rednote, where they were welcomed as digital "refugees". A conduit for Chinese social media memes and fashion trends, TikTok hosts over 1.7 million videos about Labubu. Labubumania Cultural exports can "improve the image of China as a place that has companies that can produce globally attractive goods or services", CFR's Kurlantzick told AFP. "I don't know how much, if at all, this impacts images of China's state or government," he said, pointing to how South Korea's undeniable soft power has not translated into similar levels of political might. While plush toys alone might not translate into actual power, the United States' chaotic global image under the Trump presidency could benefit perceptions of China, the University of Maryland's Yang said. "The connection many make between the seeming decline of US soft power and the potential rise in China's global image may reflect how deeply intertwined the two countries are in the minds of people whose lives are impacted by both simultaneously," she told AFP. At the very least, Labubu's charms appear to be promoting interest in China among the younger generation. "It's like a virus. Everyone just wants it," Kazakhstani mother-of-three Anelya Batalova told AFP at Pop Mart's theme park in Beijing. Qatari Maryam Hammadi, 11, posed for photos in front of a giant Labubu statue. "In our country, they love Labubu," she said. "So, when they realise that the origin of Labubu is in China, they'd like to come to see the different types of Labubu in China."
