Abu Dhabi, 15 February 2007 — Abu Dhabi-owned International Petroleum Investment Company (IPIC) will establish a $5-billion crude oil refinery in Pakistan, a senior official of the Consulate General of Pakistan said yesterday.
Led by Secretary Petroleum Ahmed Waqar, a senior delegations from the Pakistan’s Petroleum Ministry held talks with senior IPIC officials to set up Khalifa Coastal Refinery in Hub, Balochistan, Press Consul Dr. Muhammad Zafar Iqbal said.
It will have a capacity to refine 102.7 million barrels of crude oil per annum. IPIC will hold 74 percent while the Pakistan government will own 26 percent stake in the project, Iqbal said.
Work on the project is expected to start next month and would complete in three years.
Iqbal said the refinery would substantially boost Pakistan’s capacity to refine crude and also create job opportunities for thousands of skilled and unskilled people in the country. Iqbal said the ground-breaking ceremony would be attended by senior officials from the UAE including Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed Bin Zayed Al-Nahayan.
Pakistan Ambassador to the UAE Ahsanullah Khan, Pakistan’s Ministry of Petroleum Director General Sabar Hussain, Parco Managing Director Rasheed Jhang and senior IPIC officials, including Khadim Al-Kubeisi, attended the meeting.
