Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has said that Pakistan Arab Refinery Company (PARCO) is keen in setting up the Khalifa Coastal Oil Refinery. This will be Pakistan biggest refinery plant in Balochistan hub area. Prime Minister of Pakistan Nawaz Sharif would perform the groundbreaking of this project.
In 2007 this same project was announced by federal minister with the financial assistance from Abu Dhabi International Petroleum Investment Company. But this project failed in 2012 due to shortage of funds.
Shahid Khaqan Abbasi added that petroleum products prices and import will be down. It will not create any type of burden on country’s revenue. 60 % ownership share will be with federal government and 40 % ownership share with United Arab Emirates. Due to consumption rate of petroleum and limited production capacity, government import petroleum products around 10 to 14 billion USD. That’s why federal government is taking step to install the refinery plant in hub with the financial assistance of UAE.
By Talha Pasha