Pak, Abu Dhabi's IPIC to tie up for Khalifa Coastal Refinery
Pakistan and Abu Dhabi's International Petroleum Investment Company (IPIC) management will sign an implementation agreement on Tuesday to set up the $5 billion Khalifa Coastal Refinery at Gwadar.
By PTI |
ISLAMABAD: Pakistan and Abu Dhabi's International Petroleum Investment Company (IPIC) management will sign an implementation agreement on Tuesday to set up the $5 billion Khalifa Coastal Refinery at Gwadar.
IPIC and its partner, PARCO, a fully integrated energy company, will complete the Khalifa Coastal Refinery project by 2012.
The refinery will help Pakistan meet its local demand and export the rest of refined petroleum products, a newspaper reported today.
Earlier, the refinery was to get the right to export 100 per cent refined petroleum products. But according to an amended agreement the refinery will meet Pakistan's demand of petroleum products and export only the surplus.
The refinery is a joint venture of IPIC and PARCO with 74 and 26 per cent shares respectively.
IPIC and its partner, PARCO, a fully integrated energy company, will complete the Khalifa Coastal Refinery project by 2012.
The refinery will help Pakistan meet its local demand and export the rest of refined petroleum products, a newspaper reported today.
Earlier, the refinery was to get the right to export 100 per cent refined petroleum products. But according to an amended agreement the refinery will meet Pakistan's demand of petroleum products and export only the surplus.
The refinery is a joint venture of IPIC and PARCO with 74 and 26 per cent shares respectively.
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