ISLAMABAD, July 24 (APP): In a significant move to achieve self-
reliance in the oil production sector, the government has given a task to
Pakistan Arab Refinery Company (PARCO) to complete the much delayed
multi-billion-dollar Khalifa Coastal Oil Refinery project.
"PARCO has been given the task to complete the project having
capacity to refine 250,000 barrels oil per day - equal to 13 million tons of
petroleum products per year," official sources in the Ministry of Petroleum
and Natural Resources told APP.
The sources informed that the groundbreaking of the project was
likely to be performed this year, and it would be completed within five years.
Presently, they said 70 percent of the current oil demand is met
through import and the government had planned to set up more oil refineries in the coming
days.
The government has allotted 1,000 acres of land for the refinery
project, being executed at a cost of around $5 billion.
The project, approved in October 2007, was suspended several times
due to paucity of funds, they added.
PARCO is a joint venture between Pakistan and Abu Dhabi in which
Pakistan holds 60 per cent shares while Abu Dhabi has a 40 per cent stake
through Abu Dhabi Petroleum Investment Company, a subsidiary of
International Petroleum Investment Company (IPIC).
In the Khalifa Refinery, IPIC will have a majority shareholding of 74
per cent while PARCO will have a 26 per cent interest.