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Crushers GC and Dubai-based Anirban Lahiri claim team title at Bolingbrook Golf Club in Illinois
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QE Petro Holding to set up $4.5b refinery in Russia
ABU DHABI — The UAE based QE Petro Holding International has signed a memorandum of understanding (MoU) with the Russian region of Chelyabinsk Oblast, to set up a $4.5 billion oil refinery and petrochemical complex.
In a statement released by QE, the company's chairman Adel Al Otaiba, said that the refinery will have a production capacity of 180,000 barrels per day. Furthermore, 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 per cent contributed by QE Petro Holding and 25 per cent to Chelyabinsk Oblast. Al Otaiba also agreed that 33 per cent 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.
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