Qatar to invest $3.7 billion in Egypt refinery
Qatar will make critical investments to revive Egypt's economy.
Qatar Petroleum International (QPI) will join Egypt’s Orient Company and the Egyptian General Petroleum Corporation (EGPC) in their venture to set up a new $3.6bn refinery in Greater Cairo. The refinery is expected to start up in 2016 .
Once operational, the refinery will produce more than 4.2mn tonnes of refined products and oil derivatives annually, including more than 2.3mn tonnes of high quality and environment -friendly diesel per year. This is expected to cut Egyptian diesel imports by up to 50%.
Speaking at a meeting, also attended by Egyptian Minister of Petroleum and Mineral Resources, Osama Kamal, in Doha, Qatari Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada, said the project would further enhance QPI’s strategy to develop portfolios such as exploration, refining and petrochemicals.
Kamal thanked Qatar for backing the project which will enhance Egypt’s refining and petrochemical sectors.
He said that Egypt was looking forward to strengthen economic ties with Qatar, especially in the promising investment opportunities in liquefied natural gas (LNG) import from Qatar.