Shell ends $6.5B Qatar project

DOHA: Qatar Petroleum and Royal Dutch Shell have scrapped plans for a petrochemicals project, worth an estimated $6.5 billion, due to the slump in global oil prices.

In a statement issued on Wednesday, Shell said the Al Karaana project would not go ahead because of the “high envisaged capital cost that has rendered it commercially unfeasible, particularly in the current economic climate prevailing in the energy industry.”