UAE firm to invest $500m for setting up oil refinery in Pakistan
ISLAMABAD – The Board of Investment on Thursday has signed a memorandum of understanding with the Al-Motahaden Petroleum Refineries (AMPR) – a UAE-based firm – to set up oil refinery in Pakistan.
The deal signed here at the Board of Investment in the presence of Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, board chairman and UAE ambassador to Pakistan.
The firm has expressed its interest and willingness for setting up an oil refinery in Pakistan with the investment of $500 million. The refinery would have the capacity of 15,000 to 20,000 barrel per day on its establishment and the production capacity would be 50,000 barrel to 100,000 per day.
The firm would also form a consortium consisting of local and foreign companies. This will support to fulfill the energy requirements of the country and to further enhance the economic development, encourages the investor to develop the project through foreign direct investment and international expertise.
The minister and board’s chairman ensured their full assistance and support to the firm in obtaining all administrative and regulatory approvals including acquisition of land and the import of machinery.
This deal may be amended or modified at any time through mutual written consent of the parties. It might be enter into force on the date of signatures by the both sides and shall remain valid unless terminated in writing.
Either party may terminate the deal at any time by giving a notice of sixty days to the other party of its intention to terminate it. The general purpose of the deal was to express the sincerity and desire of the parties to have more cooperation.