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Pakistan, UAE ink IA for $5bn oil refinery in Lasbela
--- Project to complete by 2012 enjoys 20-year tax holiday
--- UAE company IPIC, Parco to share 74%, 26% shares respectively
--- PM terms project as 'single biggest foreign investment' in Pakistan
ISLAMABAD, Nov 13 (inp): Pakistan and UAE Tuesday signed an
Implementation Agreement (IA) for setting up an oil refinery project at
Khalifa Point in Lasbela district of Balochistan.
The project, with an estimated refining capacity of 300,000 barrels of
oil per day , will cost approximately $5 billion and
will be completed by December 2012.
The Agreement was signed by Secretary Petroleum and Natural Gas Farrukh
Qayyum and the Managing Director International Petroleum Investment
Company (IPIC) of UAE Mr. Khadem A. Al Qubaisi.
The Government has already announced 20 years of tax free holiday and
provided 1,000 acres of free land for the project, official sources
said.
"It will be developed as a new city having all civil infra structure,"
they said adding that during the time of completion the project would
create 10,000 temporary jobs, while once completed approximately 1,000
people would get direct jobs while 3,000 others would be enrolled as
indirect during the operational period.
The IPIC and other related companies would own 74 percent shares, while
Pak-Arab Oil Refinery of Pakistan will share rest of 26 percent.
Prime Minister Shaukat Aziz and the UAE Minister for Energy Mohammad Bin
Dha'en Al Hamli witnessed the signing ceremony.
Speaking on the occasion the Prime Minister said the project was a
symbol of the trust of the international investors in Pakistan and the
conducive atmosphere created by the government.
"It is a single biggest direct foreign investment for the first time in
Pakistan," he said.
The Prime Minister said: "today it is an historic day in the
relationships between the two countries and this project will be a
symbol of friendship and pride between the two people."
He said this project would further cement our relationships with UAE.He
said it will be larger refinery to meet the domestic requirement and
would be able to export the surplus.
"Today we culminated a large journey to come this point," he said adding
that this project will put Pakistan on the map of energy exporting
countries.
The Prime Minister said we have doubled our economic growth and have
reduced poverty.
He said this project speaks for itself that our policies of consistency
and continuity are the demand of the day. He said this project would be
another effort of the government to bring welfare to the people
especially to the people of Balochistan.
The UAE Minister for Energy Mohammad Bin Dha'en Al Hamli who had
specially flown to Islamabad to attend this ceremony said both the
countries are witnessing economic growth.
He said his country is already operating many projects in Pakistan and
today's agreement was another real expansion of their projects in
Pakistan.
He said both the countries are enjoying excellent relationship. He
expressed the hope that his country would make more investment in
Pakistan which would be beneficial for the people of both the countries.
Inp/aa
--- Project to complete by 2012 enjoys 20-year tax holiday
--- UAE company IPIC, Parco to share 74%, 26% shares respectively
--- PM terms project as 'single biggest foreign investment' in Pakistan
ISLAMABAD, Nov 13 (inp): Pakistan and UAE Tuesday signed an
Implementation Agreement (IA) for setting up an oil refinery project at
Khalifa Point in Lasbela district of Balochistan.
The project, with an estimated refining capacity of 300,000 barrels of
oil per day , will cost approximately $5 billion and
will be completed by December 2012.
The Agreement was signed by Secretary Petroleum and Natural Gas Farrukh
Qayyum and the Managing Director International Petroleum Investment
Company (IPIC) of UAE Mr. Khadem A. Al Qubaisi.
The Government has already announced 20 years of tax free holiday and
provided 1,000 acres of free land for the project, official sources
said.
"It will be developed as a new city having all civil infra structure,"
they said adding that during the time of completion the project would
create 10,000 temporary jobs, while once completed approximately 1,000
people would get direct jobs while 3,000 others would be enrolled as
indirect during the operational period.
The IPIC and other related companies would own 74 percent shares, while
Pak-Arab Oil Refinery of Pakistan will share rest of 26 percent.
Prime Minister Shaukat Aziz and the UAE Minister for Energy Mohammad Bin
Dha'en Al Hamli witnessed the signing ceremony.
Speaking on the occasion the Prime Minister said the project was a
symbol of the trust of the international investors in Pakistan and the
conducive atmosphere created by the government.
"It is a single biggest direct foreign investment for the first time in
Pakistan," he said.
The Prime Minister said: "today it is an historic day in the
relationships between the two countries and this project will be a
symbol of friendship and pride between the two people."
He said this project would further cement our relationships with UAE.He
said it will be larger refinery to meet the domestic requirement and
would be able to export the surplus.
"Today we culminated a large journey to come this point," he said adding
that this project will put Pakistan on the map of energy exporting
countries.
The Prime Minister said we have doubled our economic growth and have
reduced poverty.
He said this project speaks for itself that our policies of consistency
and continuity are the demand of the day. He said this project would be
another effort of the government to bring welfare to the people
especially to the people of Balochistan.
The UAE Minister for Energy Mohammad Bin Dha'en Al Hamli who had
specially flown to Islamabad to attend this ceremony said both the
countries are witnessing economic growth.
He said his country is already operating many projects in Pakistan and
today's agreement was another real expansion of their projects in
Pakistan.
He said both the countries are enjoying excellent relationship. He
expressed the hope that his country would make more investment in
Pakistan which would be beneficial for the people of both the countries.
Inp/aa
