US$5B Refinery

[fatman17]

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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.

[dk33]

Is Khalifa Point in Gawadar?

[dk33]

President and PM ...should be happy..they can't provide Protection in Country but they can make money...

So you are saying that the country should not be happy about 5 billion in foreign investment, that too in a sector where we do not have anywhere close to the production capacity to fulfil our own consumption?

What leads you to believe that the "PM and President are making money"?

As far as "protection" is concerned, the world's sole super power, with all the technology that it has at its disposal, has not been able to provide security in Iraq, so it cannot possibly be as easy as you imply.

When the people of Pakistan decide to support musharraf's efforts to combat terrorism (and I imagine since you are complaining about "security" you do support the action against terrorists in the Tribal areas, or don't you?), then we shall start to see results.

[Neo]

Is Khalifa Point in Gawadar?

No, Khalifa Point is in Hub in Didtrict of Lasbela brodering Sindh.
Here's a map:



For detailed map open this link: Google Image resultaat voor http://www.lasbeladistrictgovt.com/homefiles/map.jpg

[Neo]

Pakistan approves Khalifa Point refinery near Hub

By an OGJ correspondent

KARACHI, Oct. 15 -- Pakistan has approved construction of the $4-5 billion coastal refinery project at Khalifa Point near the Hub area of Balochistan province.

Ashfaq Hassan Khan, briefing adviser to the finance ministry, said preliminary work has begun on the refinery, which will have a capacity of 200,000-300,000 b/d.

The facility would be established as a 74:26 joint venture of Abu Dhabi-based International Petroleum Investment Co. (IPIC) and Pak-Arab Refinery Co. The project is expected to be completed and commissioned by first quarter 2011.

The Ministry of Petroleum and Natural Resources was authorized to sign the implementation agreement with IPIC within a month.

Various concessions had been announced for the project, including a 20-year tax holiday, exemption from 5% workers' profit participation, and exemption from 0.5% services charges under the export processing zones rules.

Pakistan also advises Oil & Gas Development Corp. to dedicate at least 80% of the liquefied petroleum gas produced from Chanda field for distribution in the Federally Administered Tribal Areas of northern Pakistan.

Pakistan approves Khalifa Point refinery near Hub - Oil & Gas Journal

[acidwolf]

how can we afford that much? our poor people r dying and we r spending so much

[Neo]

how can we afford that much? our poor people r dying and we r spending so much

Any idea about economic progress we've made sine 2001??

[fatman17]

acid wolf - pray tell us how u plan to create jobs for 160m people. industrial development creates jobs for people who have a skill.

[Cheetah786]

how can we afford that much? our poor people r dying and we r spending so much

Each Billion dollar investment creates 4500/high paying jobs and 1000s more.so if there is a 5 billion invested in our country.you do the math how we can afford not to.

[dk33]

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For some, this government could give a home, food and clothing to everyone for a lifetime, but still be criticized for being a "dictatorship" or "spending too much".