Prime Minister Imran Khan on Monday said that the completion of oil refinery project by Pak Arab Refinery Limited (PARCO) will improve Pakistan’s Production capacity at local level. He mentioned that the addition of PARCO Refinery is a positive sign for the country’s Energy sector. He was expressing his views while heading a meeting about the establishment of Coastal Oil Refinery by PARCO.
Pak Arab Refinery Comapany (PARCO) refinery project was initially approved in October 2007 but remained suspended due to lack of funding. The project is planned to have a capacity to refine 250,000 barrels oil per day, equal to 13 million tons of petroleum products annually.
The total cost of the project is expected around $7 billion. The refinery is planned to be set up at Lasbela district of Balochistan (Near Karachi) for which the federal government had already allocated 1,811 acres (7.3 km2) land for the project.
The construction work on the establishment of refinery will be started after one year. The Government of Pakistan will have 60 percent shares in the project while Abu Dhabi’s International Petroleum Investment Company (IPIC) 30 percent and OMV 10 percent.
Project is expected to come online by 2026.
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