Qatar Petroleum and Chevron Phillips Chemical Company signed an agreement for a new petrochemical complex, Reuters reported.

The new complex is expected to be completed by Q4 2025 and will be built north of Doha in the Ras Laffan Industrial City.

“The decision was driven by the ongoing development of the expansion project of the North Field … which will yield significant quantities of ethane, which can be used as feedstock,” said Qatar Petroleum CEO Saad al-Kaabi, adding that the complex would cost “billions of dollars.”

The new complex will have an ethane cracker with a nameplate capacity of 1.9 million tons of ethylene per annum, making it the largest ethane cracker in the Middle East and one of the largest in the world. It will also include two high-density polyethylene derivative units, which will raise Qatar’s current Polyethylene production capacity by 82% by the fourth quarter of 2025, the company said in a statement.

Chevron Phillips Chemical, a joint venture of Chevron and Phillips 66, will own a 30% stake in the complex, and the remaining stake will be controlled by Qatar Petroleum.