The memorandum of understanding with the Russian region of Chelyabinsk Oblast involves an oil refinery and petrochemical complex, Khaleej Times reported.
QE‘s chairman indicated that the refinery will have a production capacity of 180,000 barrels per day (bpd), adding that within the next three years QE plans to invest in Russia’s energy and infrastructure projects a total of $100 billion.
The equity of the refinery will be 75% contributed by QE Petro Holding and 25% to Chelyabinsk Oblast. Furthermore, 33% of the net profits from the refinery will be diverted to charitable activities and upgrading the infrastructure of Chelyabinsk region, as well as other locations in the Russian Federation. (Menafn)
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