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QE Petro Holding to set up $4.5bn refinery in Russia
- United Arab Emirates: Tuesday, February 05 - 2008 at 09:43
UAE-based QE Petro Holding International has inked a deal with the Russian region of Chelyabinsk Oblast to set up a $4.5bn oil refinery and petrochemical complex, reported Khaleej Times. QE's chairman Adel Al Otaiba said the refinery will have a production capacity of 180,000 barrels per day. The equity of the refinery will be 75% contributed by QE Petro Holding and 25% to Chelyabinsk Oblast. QE plans to invest $100bn over the next three years in energy and infrastructure projects in Russia.
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Jeff Florian, Senior ReporterTuesday, February 05 - 2008 at 09:43 UAE local time (GMT+4)
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