UAE company to build refinery in Pakistan
Xinhua - English
2007-10-11 05:04:08 Print
ABU DHABI, Oct. 10 (Xinhua) -- An investment company of the United Arab Emirates (UAE) on Wednesday got an approval from the Pakistani government to build a refinery worth five billion U.S. dollars in the country's Balochistan province, Emirates News Agency reported.
The approval was made by the Economic Coordination Committee of the Pakistani cabinet chaired by Prime Minister Shaukat Aziz, said the report.
According to the report, the refinery will be established by the UAE's International Petroleum Investment Company (IPIC) and Pakistan-Arab Refinery Company (PARCO) as a joint venture with equity participation of 74 and 26 percent respectively.
An implementation agreement would be signed between the two sides within one month.
Located at Balochistan's Khalifa Point, the refinery will be completed and commissioned by the first quarter of 2011, with a refining capacity of 200,000 to 300,000 barrel per day.
Wholly owned by the Abu Dhabi government, IPIC focuses on investment in the hydrocarbon sector outside the Emirate of Abu Dhabi, with an investment portfolio valued more than 10 billion dollars.