Qatar Petroleum signed an agreement with U.S. oil major Chevron on Monday to develop a new petrochemicals complex at Ras Laffan Industrial City. Chevron will own a 30% stake in the complex, with the rest owned by Qatar Petroleum, the Qatari energy company’s chief executive Saad al-Kaabi told a news conference in Doha. Middle East oil producers are expanding further into petrochemicals, seeking to capture new growth markets and find new sources of income beyond exporting crude oil. The Saudi Arabian and UAE national oil companies, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC), have both announced massive plans to boost their refining capacity and petrochemicals business. Kaabi said the plant, which will start in 2025, will include an ethane cracker with an annual ethylene capacity […]