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ExxonMobil, Qatari Changed Minds Over their Project

ExxonMobil Corp. and state-run Qatar Petroleum have dropped plans for a $7 billion gas-to-liquids project

US oil giant ExxonMobil Corp. and state-run Qatar Petroleum have dropped plans for a $7 billion gas-to-liquids project, the U.S. energy company said Tuesday.

The gas-to-liquids project was touted in 2004 when it was announced as the world's largest fully integrated gas-to-liquids project, converting natural gas into fuel oil that can be sold or blended with diesel fuel.

ExxonMobil and Qatar Petroleum have collectively decided not to progress the gas to liquids project and instead to pursue the development of the Barzan Project in the North Field, ExxonMobil said in a statement. UPI calls to ExxonMobil and Qatar Petroleum seeking an explanation for the change were not immediately returned.