Qatar to invest in $3.7 billion Egypt oil refinery

Project among country’s the biggest economic initiatives

Qatar says it will make critical investments in a $3.7 billion oil refinery project in Egypt that's among the biggest economic initiatives since the 2011 fall of Hosni Mubarak.

Qatar's minister of energy and industry, Mohammed bin Saleh Al Sada, did not give the specific amount of the Qatar share, but previous reports from the wealthy Gulf state estimated at least a $400 million initial investment to help launch the long-stalled project.

Egypt's Oil Minister Usama Kamal said Saturday the refinery on the outskirts of Cairo will produce 4.2 million tonnes per year of gasoline, diesel and other energy products.

The project also displays Qatar's growing economic influence across the region.

 

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