Pak-Arab Refinery Limited (PARCO), an integrated energy company, is a joint venture between Pakistan and the Emirate of Abu Dhabi. PARCO owns and operates over 2000 kms of pipeline network, Pakistan's largest and most modern refinery, marketing, distribution operations and has formed Joint Ventures with renowned international companies and conglomerates. The Company is continually following an aggressive growth strategy and has planned expansions and penetration into new ventures and markets.
The Honourable Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi and Secretary Petroleum & Natural Resources, Arshad Mirza, visited PARCO Coastal Refinery (PCR)site in Hub, Balochistan, 70 km from Karachi on March 23, 2017.
In his welcome address, Managing Director-PARCO Tariq Rizavi, thanked the Prime Minister of Pakistan and the Ministry of Petroleum and Natural Resources for their continuing support to this project of national importance.
While briefing the press about the project, Minister stated that this project will have a refining capacity of 250,000 BPD and will also involve construction of storages, pipelines, marine terminal and development of allied infrastructure. The project cost is estimated at 5 billion dollars and is expected to be completed by 2022.The project will bridge the gap in the demand and supply of refined products, which at present is approximately 13 million metric tons per annum and is likely to increase further due to economic growth.
The Minister, while appreciating the efforts of PARCO's management in taking this initiative, assured the Government's support for the largest industrial project in Pakistan's history. The Minister highlighted the multi-dimensional benefits of this project which amongst others include savings in foreign exchange, reduced dependence on imports, employment generation, infrastructure development, socio-economic development, technology transfer, human capital /skill development and improvement in logistics in fuel supply.
He further stated that the development of Balochistan is one of the key priorities of the present government and our initiatives include CPEC and other multibillion dollar projects in Balochistan.
The Minister commended PARCO's reputation, financial and operational success and stated that PARCO has the expertise, experience and resources to execute this refinery project as already demonstrated earlier by the construction and successful operation of various energy projects in its portfolio.-PR
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