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Japan firms in Qatar project

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Four Japanese firms led by Idemitsu Kosan and Cosmo Oil said they had agreed to join a new Qatari refinery project, marking the Japanese industry’s first overseas refinery investment.

The project, expected to cost $800 million, comes as Japan’s refiners seek more business opportunities in the state.
Idemitsu and Cosmo Oil, Japan’s No 3 and No 4 refiners, will each take a 10 percent stake in Qatar Petroleum’s Laffan Refinery, which plans to build a 146,000-barrel-per-day plant in Ras Raffan Industrial City in Qatar.
Japanese trading houses Mitsui and Marubeni will each take 4.5 per cent, reducing Qatar Petroleum’s holding to 51 per cent.
Exxon Mobil Total hold 10 per cent each.
Marubeni, which is already in the liquefied natural gas (LNG) business in Qatar, said it wants to further expand its operations there.

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