On December 31, 2009, QPI sealed the QPI & Shell Petrochemicals (Singapore) Pte. Ltd (QSPS) joint venture with Shell. The agreements marked the first downstream acquisition by QPI abroad. This deal further enhanced QPI’s portfolio of world class petrochemical facilities. The joint venture holds interests in an olefins plant integrated with another polymer plant in Singapore. These top quartile facilities occupy a key position in the vital Singapore petrochemical industry and is a strategic investment that will give us access to Asian markets and help build our understanding of the market dynamics in Asia.