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UAE and Pakistan to sign $5b refinery deal
DUBAI — The UAE and Pakistan are set to sign a $5 billion Khalifa Coastal Refinery joint venture project in Islamabad on Tuesday.
The UAE Energy Minister Mohammed bin Dha'en Al Hamili will lead a four-member delegation to sign the deal for refinery project, which has already been approved by the Government of Pakistan last month.
Other members include Khadem Al Qubaisi, managing director, IPIC, Mohammed Al Mehairi, general manager, IPIC, and M. Fazal Azeem, senior adviser of IPIC.
Pakistan Prime Minister Shaukat Aziz, UAE Ambassador to Pakistan Ali Mohammed Al Shamsi and Pakistan Ambassador to UAE Ahsan Ullah Khan will also attend the signing ceremony.
Under the deal, International Petroleum Investment Company (IPIC) will build an oil refinery at Khalifa Point in Hub area of Balochistan. The $5 billion refinery, having a refining capacity of up to 200,000 barrels per day, will be operational by December 2012 and will provide jobs to over 8,000 skilled and semi-skilled workers. The work will start in January 2008 after signing the agreement.
International Petroleum Investment Company will hold a 74 per cent stake in the joint venture while Pak-Arab Refinery (PARCO) will hold the remaining 26 per cent stake.
IPIC invests in oil-related projects for the Government of Abu Dhabi. It is supervised by the Supreme Petroleum Council of Abu Dhabi which oversees the UAE's oil and gas operations and related industries.
Talking to Khaleej Times, Press Counsellor at Consulate General of Pakistan in Dubai Dr Zafar Iqbal said the refinery is to be built in Balochistan and will mainly produce diesel oil.
“The refinery will boost Pakistan's capacity to refine crude oil and also create job opportunities in the country,” he said. "The products manufactured by the refinery would be exported as well as sold in the local market," he added.
According to a senior official, the Government of Pakistan has already announced various concessions for the project. It includes a 20-year tax holiday, exemption from five per cent workers' profit participation and exemption from 0.5 per cent services charges under the export processing zones rules.
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