ISLAMABAD: Prime Minister Nawaz Sharif has encouraged a company of United Arab Emirates (UAE) to set up an oil refinery in Pakistan Tehreek-e-Insaf-ruled Khyber Pakhtunkhwa.
The premier said this during a meeting with UAE’s Xcelera Resources CEO Shaikh Muhammad Ahmed Ali Alkaitoob Alnuaimi. Shaikh Muhammad Ahmed Ali said that his company is planning to set up a state-of-the-art oil refinery in Pakistan at a cost of around $500 million which will start functioning by the middle of 2016.
Berkley Energy and David August Chairman Chaudhry Iftikhar briefed the Prime Minister that at the end of the first phase, the refinery, spreading over an area of 400-500 acres, would have the capacity of 50,000 barrels per day. In the next three year’s time the refinery’s capacity would be increased to 100,000 barrels of oil per day. The local company has been registered for the purpose by the name of United Petroleum, he said.
The Prime Minister assured the company of government of Pakistan’s fullest support in setting up this refinery which would immensely be beneficial for the country.
Talking about relations with the UAE the Prime Minister said both our countries have excellent relations spread over decades and projects like this would further strengthen mutual ties.
