UAE energy firm to set up petrochemical complex in Russia

Quality Energy (QE) Petro Holding International, an energy firm of the United Arab Emirates (UAE), plans to set up an oil refinery and petrochemical complex in Russia's Chelyabinsk Oblast. Investment outlay will total to US$4.5 bln, in the project where QE will hold a 75% stake. QE has signed a memorandum of understanding to set up the complex with the government of Chelyabinsk Oblast. The refinery will have a production capacity of 180,000 bpd.