World Business: Qatar Invests in Egypt; Venezuela and China Seek Gold

By: AP
By: AP
Qatar backs investment in major Egypt refinery... Venezuela, China sign deal to develop gold mine...

Hugo Chavez

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.

CARACAS, Venezuela (AP) -- Chinese and Venezuelan officials have signed an agreement to jointly develop one of the world's largest gold mines.
The agreement to develop Las Cristinas gold mine was signed by officials of the Venezuelan government and the Chinese company China International Trust and Investment Corp., or Citic.
The mine in southern Bolivar state has been estimated to hold about 17 million ounces of gold.
President Hugo Chavez called it an agreement to begin exploiting both gold and copper deposits at the mine.


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