UAE company to build refinery in
Balochistan
ABU DHABI, - An investment company of the United Arab Emirates (UAE) on
Wednesday got an approval from the Pakistani government to build a
refinery worth five billion U.S. dollars in the country's Balochistan
province, Emirates News Agency reported.
The approval was made by the Economic Coordination Committee of the
Pakistani cabinet chaired by Prime Minister Shaukat Aziz, said the
report.
According to the report, the refinery will be established by the UAE's
International Petroleum Investment Company (IPIC) and Pakistan-Arab
Refinery Company (PARCO) as a joint venture with equity participation of
74 and 26 percent respectively.
An implementation agreement would be signed between the two sides within
one month.
Located at Balochistan's Khalifa Point, the refinery will be completed
and commissioned by the first quarter of 2011, with a refining capacity
of 200,000 to 300,000 barrel per day.
Wholly owned by the Abu Dhabi government, IPIC focuses on investment in
the hydrocarbon sector outside the Emirate of Abu Dhabi, with an
investment portfolio valued more than 10 billion dollars. 11.10.07
Did anyone feel the need to ask the Baloch what do they think about it?
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