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Pakistan refinery accord signed

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Pakistan refinery accord signed

by Gulf Daily News

ISLAMABAD: Abu Dhabi signed an implementation agreement yesterday to build a $5 billion refinery that will double Pakistan's refining capacity.

Under the deal between Abu Dhabi's International Petroleum Investment Company (IPIC) and Pak-Arab Refinery, the project will be built at Khalifa Point in the Hub district of Baluchistan province, about 15km from Karachi.

The Khalifa Coastal Refinery Project will have a refining capacity of between 200,000 to 300,000 barrels per day of middle distillate products.

"It will be a large refinery to meet domestic needs and cater to the export market," said Prime Minister Shaukat Aziz, who witnessed the agreement signing with UAE' Energy Minister Mohammed bin Dhaen Al Hamli in Islamabad.

Abu Dhabi has a 40 per cent stake in the Pak-Arab Refinery at Mehmood Kot in the central province of Punjab.

IPIC, possibly with other UAE government institutions or companies, will hold an initial 74 stake in the Khalifa project, with Pak-Arab Refinery holding the remaining 26pc stake.

Pakistan, almost totally dependent on oil imports, has an installed refining capacity of 12.82 million tonnes a year from its five refineries.

Pakistan consumes about 15m tonnes of oil products annually.

Aziz said Pakistan's economy, which has been averaging 7pc growth annually for the past four years, needed energy and fuel to sustain its growth momentum.

Pakistan's annual energy requirements are expected to surge to 177m tonnes of oil equivalent by the year 2020 from current needs of about 58m tonnes. The Khalifa refinery is expected to be commissioned by December 2012.ISLAMABAD: Abu Dhabi signed an implementation agreement yesterday to build a $5 billion refinery that will double Pakistan's refining capacity.

Under the deal between Abu Dhabi's International Petroleum Investment Company (IPIC) and Pak-Arab Refinery, the project will be built at Khalifa Point in the Hub district of Baluchistan province, about 15km from Karachi.

The Khalifa Coastal Refinery Project will have a refining capacity of between 200,000 to 300,000 barrels per day of middle distillate products.

"It will be a large refinery to meet domestic needs and cater to the export market," said Prime Minister Shaukat Aziz, who witnessed the agreement signing with UAE' Energy Minister Mohammed bin Dhaen Al Hamli in Islamabad.

Abu Dhabi has a 40 per cent stake in the Pak-Arab Refinery at Mehmood Kot in the central province of Punjab.

IPIC, possibly with other UAE government institutions or companies, will hold an initial 74 stake in the Khalifa project, with Pak-Arab Refinery holding the remaining 26pc stake.

Pakistan, almost totally dependent on oil imports, has an installed refining capacity of 12.82 million tonnes a year from its five refineries.

Pakistan consumes about 15m tonnes of oil products annually.

Aziz said Pakistan's economy, which has been averaging 7pc growth annually for the past four years, needed energy and fuel to sustain its growth momentum.

Pakistan's annual energy requirements are expected to surge to 177m tonnes of oil equivalent by the year 2020 from current needs of about 58m tonnes. The Khalifa refinery is expected to be commissioned by December 2012.



 
 
 
 
 
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