Qatari Tasweeq sells Pearl's first naphtha

Reuters, Sunday 21 Aug 2011

Qatar International Petroleum Marketing Co(Tasweeq) has sold the first naphtha cargo from Qatar's Pearl gas to liquids (GTL) plant

Qatar International Petroleum Marketing Co, or Tasweeq, has sold the first naphtha cargo from Qatar's Pearl gas to liquids (GTL) plant, the company said in a statement on Sunday.

Pearl -- a joint venture between Qatar Petroleum and Royal Dutch Shell in the industrial city of Ras Laffan -- will turn natural gas into naphtha, diesel, kerosene, lubricant oils, condensates and liquefied petroleum gas.

"Tasweeq is expected to market approximately 1 million tonnes per year of Pearl GTL Naphtha to key markets around the world," Tasweeq Chief Executive Officer Saad Al-Kuwari said in the statement.

"We are keen to continue introducing GTL Naphtha to the petrochemical and energy markets."

Qatar's biggest energy project is expected to reach full production capacity of 260,000 barrels oil equivalent a day by mid-2012. Its first cargo of gasoil was shipped in June.

Pearl is the biggest single investment ever made by Shell --Europe's largest company -- which paid the multi-billion development costs under a profit-sharing agreement with the Qatari government.

Qatar has made state-owned Tasweeq the sole marketer of GTL Naphtha and in late June Tasweeq offered Pearl's first naphtha cargo for loading in August.

Tasweeq did not identify the buyer.

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