Qatar's Petroleum International (QPI) and Korea's LNG Group and Chinese Bohai has signed in Seoul, a Confidentiality Agreement (CA) and a Letter of Intent (LOI) to reconfirm their intention to further establish an alliance between the three companies and to explore petrochemical investment opportunities. The LOI was entered into by QPI Global Ventures, Ltd., a wholly-owned subsidiary of QPI and was signed by Qatar's Deputy Premier and Minister of Energy and Industry Abdullah bin Hamad Al Attiyah, LG Chem represented by Bahsunk Kim, Vice Chairman and CEO and Tiajin Bohai Chemical Industry Group Company represented by Lizhi Zhao, General Manager. The signing ceremony was also attended by QPI Chief Executive Officer Nasser Al-Jaidah who signed the CA on behalf of QPI Global Ventures, Ltd, Qatar News Agency (QNA) reported. The purpose of this transaction is to allow the parties to exchange confidential information among them and to further discuss on the possibility to explore a petrochemical project in China. Deputy Premier and Minister of Energy and Industry Abdullah Bin Hamad Al Attiyah said that he was very pleased with the petrochemical business prospects in the region and again Qatar has showed its pro-active approach to align itself with the industry leaders in the region including LGChem and Tianjin Bohai. Nasser Al-Jaidah of QPI further commented that he too was very pleased that the parties had developed a solid relationship for this project and looked forward to capitalizing on the value addition from these potential resources. He thanked Kim of LGChem and Zhao for their personal support for this project and for sharing QPI's vision to transform this potential project into value-creation for all shareholders.
