DOHA, 15 July 2004 — Qatar Petroleum (QP) yesterday signed a heads of agreement with US oil
major ExxonMobil Corp. for a gas-to-liquid (GTL) project worth $7 billion, the state-run
QP said. The facility will be built in Qatar’s Ras Laffan Industrial City and be “the world’s
largest single, fully integrated GTL project”, said a statement on QP’s website.
The agreement, signed by Energy Minister Abdullah ibn Hamad Al-Attiyah and ExxonMobil executive Vice President Harry J. Longwell, “specifies the principal terms for the project that will be defined in a Development and Production Sharing Agreement (DPSA)”, the statement said.
“The term of the DPSA will be 25 years from the start of production, which is expected to commence in 2011,” it added.