Petroleum Minister visits $5bn PARCO Coastal Refinery

HUB: 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 Honorable Federal Minister for Petroleum and Natural Resources, Mr. Shahid Khaqan Abbasi and Secretary Petroleum & Natural Resources, Mr. Arshad Mirza, visited PARCO Coastal Refinery (PCR) site in Hub, Baluchistan, 70 km from Karachi on March 23, 2017.

In his welcome address, Managing Director-PARCO Mr. 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.**