Grace Refinery to invest US$5 bln in petrochemical sector of Punjab, Pakistan

01-Aug-16

The Punjab Board of Investment and Trade (PBIT) has signed a memorandum of understanding (MoU) with Grace Refinery, an international petrochemical company, for US$5 bln investment in Punjab. PBIT Chief Executive Officer (CEO) Amena Cheema and Grace Refinery CEO Uzma Bashir signed the MoU on behalf of their respective organisations.

Under the MoU, PBIT would act as one window facilitator for the Grace Refinery for fast-track facilitation and necessary support for early commissioning of the project. The board would also help the foreign company in acquisition of necessary licenses and land for their market entry. Grace Refinery CEO Uzma Bashir said her company was going to introduce the latest, Euro 6 standard, refinery technology in Pakistan that would reduce carbon emissions from fuels. She said the refinery with 220,000 barrels per stream day (bpsd) capacity would substantially substitute oil imports in the country. She also disclosed that the Grace Refinery was negotiating with its crude oil suppliers to join hands in building an oil pipeline from the source into Pakistan for its feedstock. Bashir said the project would take three to five years in completion but the company was trying to channelize the investment during the present government regime.