ISLAMABAD: Al-Motahaden Petroleum Refineries of the United Arab Emirates is committed to spend $500 million to establish an oil refinery in Pakistan supporting the country to lessen imports and face the requirements of energy.
The refinery would be established in Khyber-Pakhtunkhwa (KP) to boost the country’s refining capability and support augment economic development. A memorandum of understanding in this regard was inked by Al-Motahaden Petroleum Refineries and the Board of Investment (BoI) on Thursday.
The refinery would be having capability to process approximately 15,000 to 20,000 barrels of oil in one day and the company will make a consortium comprising of local and foreign companies to raise the project and ensure the provision of needed foreign direct investment in Pakistan.
The move is made to support Pakistan’s struggle to meet its energy needs and raise economic development and this initiative will cheer the investors to manufacture other such projects through foreign direct investment and international efficiency.
BoI chairman Miftah Ismail, who signed the agreement with the company, has assured the UAE investors of full support and assistance for getting the needed administrative and regulatory endorsements. The chairman said the BoI will back the company in acquiring approvals and consents for development of the project. About the completion period of the time, the chairman showed his hope to complete under the projected period.