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UAE firm to build $4.5 bln refinery in Russia

Abu Dhabi-based QE Petro Holding International announced that the company has signed an agreement to set up a $4.5 billion refinery complex in Russia.

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)