Abu Dhabi
Pakistan is planning to set up a new refinery with a capacity of 250,000 barrels per day in a joint venture with Abu Dhabi through Mubadala Investment Company, a top executive of Pak Arab Refinery Limited (Parco) told Gulf News in Abu Dhabi.
“The project should be ready by 2023 and the investment is about $6 billion. The new refinery will cater to the growing demand in the country,” said Tariq Rizavi, managing director of Parco on the sidelines of Abu Dhabi International Petroleum Exhibition and Conference.
Government of Pakistan holds 60 per cent of the share holding in Parco while 40 per cent of the shares are held by Abu Dhabi through Mubadala Investment Company.
The country currently has one refinery Parco Mid-Country refinery built at a cost of $886 million and commissioned in 2000.
