Parco To build Pakistan’s ‘biggest Oil Refinery’ In Hub
ISLAMABAD: The Pak-Arab Oil Refinery (Parco) will begin constructing Pakistan’s largest oil refinery in Balochistan’s Hub space, Petroleum Minister Shahid Khaqan Abbasi confirmed to DawnNews.
The $5 billion Khalifa Coastal Oil Refinery, which will have a manufacturing capability of 250,000 barrels per day, is anticipated to be completed within five years, Abbasi mentioned.
A petroleum ministry official advised DawnNews that Prime Minister Nawaz Sharif would carry out the groundbreaking of the venture this brent crude oil evolution yr.
The undertaking had initially been introduced in 2007 and was to be built with financial help from the Abu Dhabi-based mostly International Petroleum Funding Company however was scrapped in 2012 resulting from unavailability of funds.
The federal government and United Arab Emirates (UAE) have 60:40 possession of Parco, which is able to fund the project with its present and brent crude oil evolution expected profits, the petroleum minister stated.
A 250 MegaWatt power-plant will even be constructed to help the refinery’s construction.
Because of increasing demand and restricted manufacturing capability, the federal government imports approximately $14bn price petroleum products. The challenge is being brent crude oil evolution undertaken to eradicate reliance on imports, Abbasi stated.