DUBAI, United Arab Emirates -- Middle Eastern countries are weaning themselves off crude oil production and pouring more resources into manufacturing value-added petroleum products, which could lead to new sources of procurement for resource-poor nations like Japan.
Dubai's $1.5 billion Laffan Refinery 2 officially opened for business on Monday. Qatar Petroleum is picking up 84% of the tab, while the rest is financed by foreign concerns. Qatar needs international partners for such specialized technology, Qatar Petroleum CEO Saad Sherida al-Kaabi said at the ceremony marking the facility's completion. He added that the state-owned company intends to continue the joint venture as long as it is a win-win.
