F.P. Report
ISLAMABAD: Minister for Power and Petroleum Omar Ayub Khan here on Saturday said that the ground breaking of Khalifa Point Refinery project will be performed by end of this year.
In a statement, Omar Ayub said, “The $8 bn project is a joint venture of PARCO and the United Arab Emirates.”
He further said that the Khalifa Point Refinery would have output capacity of 250,000 barrels per day.
The minister said that the government would announce a new oil and gas exploration and production policy in the next few months.
“We will also initiate auction of 40 new oil and gas blocks from December this year. This will generate good activity in oil and gas sector.”
Earlier on January 7, then minister for information and broadcasting Fawad Chaudhry had said the United Arab Emirates (UAE) would set up an oil refinery in Pakistan.
According to details, this decision had been taken during the Crown Prince of Abu Dhabi Sheikh Mohammad bin Zayed Al Nahyan’s visit to Pakistan.
While speaking to the media, the then minister had said such an investment would further boost the cordial ties between Pakistan and the UAE.
