The UAE is to go ahead with the construction of a US $5 billion oil refinery in Pakistan’s south western Balochistan province, DPA has reported.
The refinery, which will boast an output capacity of 250,000 barrels per day, was postponed in January but it now appears the project is back on.
“The major contentious issues have been resolved and the project will soon be kicked off," a senior official of Pakistan's Ministry of Petroleum and Natural Resources said.
The project is a joint venture between International Petroleum Investment Company (IPIC) and Pak-Arab Refinery Limited (PARCO).
PARCO reportedly has provided US$ 500 million of funding to get the project off the ground. “Out of this total amount, the PARCO board of directors approved immediate release of 13 million dollars to start subcontracting work related to the implementation of the KCR project," the official stated.
The proposed refinery will produce energy fuels out of Arabian and Iranian crude oil.
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FEATURED COMMENT
I wish all the cirsumstances (political/ social/ financial/security) remain stable in the region. May God give a great c
Abid Hussain Qazi (Nov 23, 2009) Abu Dhabi United Arab Emirates
The signs are bright
I wish all the cirsumstances (political/ social/ financial/security) remain stable in the region. May God give a great courage to our leaders to avoid any mis-use of funds and to lead our country to the success. Public must keep an eye on their servents.
AAMIR BILAL SHEIKH (Nov 20, 2009) LAHORE Pakistan
Pakistan Refinery
This project certainly will benefit the region and its people wish all the partners a great success.
Raja Faheem Anwar (Nov 16, 2009) Lahore Pakistan
Congratulations
Congratulations and hopeful for a good and successful project in Pakistan.
The King is calling for a halt to exploration, but do you agree?
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FEATURED COMMENT
I wish all the cirsumstances (political/ social/ financial/security) remain stable in the region. May God give a great c