By Xinhua
Abu Dhabi : Quality Energy (QE) Petro Holding International, an energy firm of the United Arab Emirates (UAE), will set up an oil refinery and petrochemical complex worth $4.5 billion in Russia’s Chelyabinsk Oblast, Khaleej Times reported Monday.
The QE has signed a memorandum of understanding to set up the complex with the government of Chelyabinsk Oblast, the report said adding that the Abu Dhabi energy firm will hold 75 percent stake and Oblast, 25 percent.
The refinery will have a production capacity of 180,000 barrels oil per day, QE’s chairman Adel Al Otaiba was quoted as saying.
QE plans to invest a total of $100 billion in Russia’s energy and infrastructure projects within the next three years, the firm said.
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