UAE agrees to continue $5 billion Khalifa Point refinery project

[Naveed Yaseen]

ISLAMABAD (January 22 2009): The United Arab Emirates (UAE) government has agreed to initiate $5 billion Khalifa Point oil refinery project in Balochistan. This positive note to initiate the project from the UAE government came during dialogue on Monday in UAE between UAE government officials and a delegation led by Advisor to Prime Minister on Petroleum and Natural Resources Dr Asim Hussain.

The Abu Dhabi government-owned International Petroleum Investment Company (IPIC) Chief Executive Officer (CEO) had announced on January 10 that it had delayed plans to set up the refinery in Pakistan and was reviewing its Fujairah refinery project. He told newsmen that its board had approved last year plans to build a 4 5 billion refinery in Pakistan with refining capacity of 250,000 barrels of oil per day (bpd).

Dr Asim told Business Recorder that IPIC had agreed, in principle, to initiate the project, and its board of directors would hold a meeting next month. The issue of establishing Khalifa Point oil refinery would be tabled before the board. He said that a delegation would again visit UAE after the meeting of board of directors next month.

http://www.brecorder.com/index.php?id=867461