Islamabad, July 11, 2019: The government is all set to perform groundbreaking of the much-delayed multibillion-dollar coastal oil refinery by end of this year with the confidence that the project, having the capacity to produce 250,000 barrels per day (BPD), would be completed within the scheduled time-frame.
Pak Arab Refinery Limited (PARCO) has proposed to establish the state-of-the-art Coastal Refinery at Hub, Balochistan with an estimated cost of over $ 5 billion.
“Under the project, expected to be completed by end 2023, around 250,000 BPD oil will be refined, which is equal to 13 million tons of petroleum products per year,” a senior official privy to petroleum sector developments told thebizupdate representative.
Around 1,000 acres of land had been allotted for the project, approved in October 2007 but remained suspended due to paucity of funds.
Terming the project a ‘significant step,’ towards achieving self-reliance in the oil production sector, he said, the government was making all-out efforts to upgrade existing oil refineries and establish new deep conversion facilities for meeting the country’s fuel requirements in a smooth manner.