ISLAMABAD: The federal government has decided to revive the $6 billion Khalifa Coastal Refinery project that was halted during the previous government of Pakistan People’s Party.
Under a fresh plan, Pakistan Arab Refinery Limited (Parco) will start work on the Khalifa refinery with a refining capacity of 250,000 barrels per day. In Parco, UAE holds 40% shares whereas the government of Pakistan has a 60% stake.
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The UAE government had planned to set up the refinery in the coastal area of Balochistan, but the project was shelved because of a tussle with the PPP government over Managing Director Rasheed Jung. The government wanted to sack the MD whereas the UAE opposed the move. The other impediment was the mounting circular debt in the energy sector that brought work on the refinery to a halt.
