Qatar backs investment in major Egypt refinery
DOHA, Qatar (AP) — 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 tons per year of gasoline, diesel and other energy products.
The project also displays Qatar's growing economic influence across the region as key backers of Arab Spring uprisings in Libya and elsewhere.