Khaleej Times online cited Mr Ahsan Ullah Khan Pakistan’s outgoing ambassador as saying that the latest cost estimates of USD 5 billion for setting up an oil refinery project by Abu Dhabi’s International Petroleum Investment Company will increase substantially, as the project now will include a petrochemical city, power generation plant, a port and other necessary infrastructure.
Ambassador Khan speaking at a gathering organized by Pakistan Business Council added that the additional features of the Khalifa Coastal Refinery being built at Hub near Karachi, by IPIC and Pak Arab Refinery Company, will swell substantially as project will now include a petrochemical city where downstream industry will be established which will use feed stock from the refinery as raw material.
The other new component of the project will include a 250 MW power generation plant to run the mega project, a mini port terminal to be used for importing crude oil and exporting oil products, an electric power grid station, roads network, workers city and other necessary infrastructure.
According to the report the refinery project, announced by IPIC and Parco last year, will achieve a financial close by March. The refinery will produce 200,000 barrels of diesel per day apart from other petroleum products. The Government of Abu Dhabi owned IPIC will own 76% shareholding while Pak Arab Refinery will hold remaining interests.
