Actuality January 23, 2008

   Company Quality Energy Petro International Ltd. and Chelyabinsk region government have signed an agreement about intentions on construction of oil refining and petrochemical complexes costing $4,5 bln.

   As Adel Al Otayba,

Quality Energy Petro chairman, reported to the journalists after agreement signing, project realization foresees oil refinery construction in the region with the project power 180 000 barrels per day and complex on production of high-technology petrochemical products from hydrocarbons. "It is our first project in Russia", marked Adel Al Otayba. According to him, the term of project realization makes 36 months from the moment

of construction start planned for the end

of 2008.

According to Yuriy Klepov, deputy governor for industry and economy who participated in the press-conference, it is planned to create a joint venture for project realization, 75% authorized capital of which will belong to the company from UAE (United Arab Emirates), and 25% – to the region government.

"During two months will be signed the more detailed agreement, in which the participation parameters and stakes of parties will be finally determined", Klepov said. According to him, preliminary the site for construction is chosen in Korkino city d istrict, 45 km from Chelyabinsk.

"The site is chosen in a "triangle" between Korkino, Kopeysk and Emanzhelinsk.

These are the so-called miner's cities, where after some mines closing at the end of last century much workers became unemployed.

Project realization will allow to create 3500 thousands of new workplaces", vice-governor added.

   Quality Energy Petro International, as reported in its press-release, is registered on the British Virgin Islands, is

the specialized integrated oil and gas enterprise that operates

in the UAE through the regional agency and representative office

of Spectrum Petroleum Services.