UAE to proceed with construction of 250,000 bpd oil refinery in Pakistan

The United Arab Emirates (UAE) has decided to proceed with the construction of the Khalifa Coastal Refinery project –a 250,000 bpd oil refinery to be built at a cost of US$5 bln in Pakistan’s southwestern Balochistan province. The global recession had compelled the postponement of the project in January amid a row over management issues with Islamabad. As key contentious issues have been resolved, the project seems ready to be flagged off. The Khalifa Coastal Refinery project is a joint venture between the Abu Dhabi state-owned International Petroleum Investment Company (IPIC) and the Pak-Arab Refinery Limited (PARCO), which is jointly owned by Pakistan and Abu Dhabi. PARCO will hold 24% stake and IPIC will hold the balance. The Pakistani government will own 60% of PARCO’s share. PARCO is reported to have approved initial funding of US$500 mln as part of its contribution to start the project, with an immediate release of US$13 mln to start subcontracting work related to the implementation of the KCR project. With the completion of the refinery, Pakistan’s capacity would be doubled from the current 248,506 bpd.
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