Arab investor Quality Energy Petro International Ltd. and the government of Chelyabinsk region (in Russia) have signed a protocol of intent for the construction of a US$4.5 billion oil refining and petrochemical complex in the region. The stake holding in the venture will be 75% held by the Arab company and the balance 25% held by the regional government. The refinery will have a capacity to process 180,000 bpd of crude oil. With construction scheduled to commence in late 2008, the complex will be ready in a total time of 36 months. A site in the Korkin municipal district has been tentatively selected as the preferred location of the complex.
British Virgin Islands - registered Quality Energy Petro International is a specialized, integrated oil and gas company with operations in the United Arab Emirates through its local representation Spectrum Petroleum Services.
Chelyabinsk Region is located at the boundary between Europe and Asia and ranks fifth in Russia in industrial output.