Mr Pyotr Sumin, governor of Chelyabinsk region and UAE-based Quality Energy Petro International Ltd, have signed a preliminary investment agreement on the construction of an oil refining and petrochemical complex in Korkino in Chelyabinsk region. The oil refinery is to have the capacity of 180,000 barrels of crude oil per day. Quality Energy plans to invest about USD 4.5 billion into the project and will own 75% of the newly created JV and the Chelyabinsk will hold 25%. Start-up of the construction is scheduled for the end of 2008.
