PARCO to build state of the art Coastal Refinery worth $5 billion
ISLAMABAD: The Pak-Arab Refinery Company (Parco) has made up its mind to establish a state-of-the-art deep conversion coastal refinery with capacity to refine crude oil up to 300,000 barrels per day at the Khalifa Point near Hub in Balochistan.
To this effect, the board of directors of the company has approved initiation of a feasibility study. “Once the feasibility study gets completed, then the top management of the company will proceed accordingly.
This would be the first-ever largest project in the history of oil and gas sector as its magnitude will be equal to the Tarbela Sam,” top officials told The News.
“The project requires $5 billion investment and to this effect the UAE has allocated the funds.”
Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi confirmed the development saying that the Parco BoD had at present given a nod for initiating the feasibility for establishing the biggest coastal refinery with hydrocracker technology.