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UAE Firm to Set Up Oil Refinery in Pakistan
Project signing-ceremony to be held in Islamabad
Ghulam Hussain (hussain)     Print Article 
Published 2007-11-11 03:58 (KST)   
Pakistan and the United Arab Emirates are set to sign a memorandum of understanding in Islamabad on a project to set up a US$5-billion oil refinery in Pakistan's Baluchistan province.

"The two sides have finalized the plan to set up an oil refinery at Khalifa Point in Hub district The accord on the project, to be known as Khalifa Coastal Refinery, will be signed in a ceremony at the prime minister secretariat on Nov. 13," said an official who did not want to be identified because he was not authorized to talk to the media.

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"The Abu Dhabi government had promised setting up of the refinery with President Gen. Pervez Musharraf, and Islamabad approved the project last month," he added.

The accord with will be signed in the presence of Prime Minister Shaukat Aziz and UAE Ambassador Ali Mohammad Al-Shamsi.

The International Petroleum Investment Company (IPIC) of Abu Dhabi and the Pakistan-Arab Refinery Company (Parco) will establish the refinery as a joint venture project with a 74 and a 26 percent equity share, respectively. The project is to be completed and commissioned by the first quarter of 2011, the official said.

The official said the work on the refinery, which will have a 200,000 to 300,000 barrel per day refining capacity, has already started. He said that as per recommendations of the Energy Task Force, the project would enjoy a 20-year tax holiday, a waiver of the 5 percent workers' profit participation and a waiver of the 0.5 percent service surcharge.

"The investment and partnership of the UAE public and private sector with Pakistan is going to increase further with the passage of time, and another two mega projects, one in Lahore and another in Baluchistan, will also be executed shortly," the official said. He said the volume of investment by UAE companies in Pakistan in various sectors was likely to double this year. Last year they invested $13 billion.
©2007 OhmyNews
Other articles by reporter Ghulam Hussain

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