Qatar Petroleum International (QPI), the overseas investment unit of state firm Qatar Petroleum (QP) has announced it will join a $3.7bn project to build sophisticated new processing units alongside the Cairo Oil Refining Company’s (CORC) 160,000 b/d refinery at Musturud on the outskirts of Cairo. MEES soundings in February had indicated QPI would take a stake in the venture (MEES, 6 February).
The announcement came ahead of the 22 September meeting in Doha between Qatari Minister of Energy and Industry, Muhammad al-Sada, and Egypt’s Minister of Petroleum and Mineral Resources, Usama Kamal. At the meeting Mr Sada said that the Musturud hydro-cracking complex would represent the first step towards a proposed $8bn investment by Qatar in Egypt’s energy sector. (CONTINUED - 473 WORDS)