Qatar to Provide $400 Million To Help Egyptian Mostorod Refinery

Qatar is providing $400 million to support Egypt’s Mostorod refinery project, which has been stalled since former President Hosni Mubarak’s ouster in February last year.

State-run Qatar Petroleum is providing $300 million in equity, and Qatar National Bank, which counts the Emirate’s government as its biggest shareholder, is providing $100 million in loans, MEED reported Wednesday, citing unnamed people involved in the effort. The Qatari funding ensures that the project will reach its financial close in May, according to the report.