Royal Dutch Shell has scrapped plans for a $6.5bn petrochemicals project with Qatar Petroleum, citing “the current economic climate prevailing in the energy industry”, the oil major said on Wednesday.
The Al Karaana project, an 80:20 joint venture between Qatar Petroleum and Shell, would have produced 2m tonnes a year of petrochemicals products, largely intended for Asian markets.
The decision not to proceed — a significant move following the halving of oil prices since last summer — was taken “after a careful and thorough evaluation of commercial quotations” from engineering, procurement and construction bidders, Shell said.
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