Qatar Petroleum has announced the start of its refinery project north of Cairo, Egypt, as part of its largest investment in an Arab country and the African continent.
The company expected the refinery to operate at full capacity before the end of the first quarter of next year.
Qatar Petroleum holds a 38% stake in Arab Refining Company, which in turn owns a 67% stake in the Egyptian Refining Company.
The establishment and operation of the refinery aims to reduce Egypt's dependence on imported petroleum products, provide jobs and support business.
"The successful operation of this refinery enhances Qatar Petroleum's international role in refining through this vital project, which is the largest investment of Qatar Petroleum in an Arab country and the largest investment in the continent of Africa," the company said in a statement.
The company has been involved in the project since 2012, and cost $ 4.4 billion.
The refinery will process about 5 million tons per year of heavy oil deposits of the neighboring Cairo refinery, and will produce petroleum products of international standards including diesel and jet fuel.
| The refinery, which has been announced to start operation, will process about five million tons per year of heavy oil deposits of the neighboring Cairo refinery (Al Jazeera). |
African and Arab expansions
Over the past 12 months, Qatar Petroleum has expanded Africa and Arab countries through a number of projects, including:
- In August, it announced it had acquired an exploration stake in two offshore areas in Namibia.
- In July, the Qatari company acquired a stake in three offshore drilling areas in Kenya.
- In March, it acquired a stake in 12 offshore exploration areas in Morocco and announced a takeover of a new exploration area in Mozambique.
* In February, Qatar Petroleum said it had made a major gas discovery with its South African partners.
- In December 2018 it announced the signing of an exploration agreement in Mozambique for the first time.