UAE firm to set oil refinery in KP
ISLAMABAD: Al Motahedon Petroleum Refineries of UAE signed a Memorandum of Underusing (MOU) with Board of Investment (BOI) for building an oil refinery in Khyber Pakhtunkhwa (KP).
The pre-feasibility of the project has already been carried out and the project would attract $450-500 million in investment. It is expected to be a state-of-the-art and the most modern oil refinery in Pakistan and looking at the viscosity of the crude being produced in KP, the refinery would also generate considerable LPG and other petroleum products.
In his message, Al Motahedon Petroleum Refineries Chairman Sheik Mohammed Ahmed Al Kaitoob Al Nuaimi stated that he was extremely impressed with the friendly policies of the Government of Pakistan and also paid tribute to the prime minister of Pakistan. “The policies of the government will definitely usher in an era of investment and prosperity in Pakistan,” he added. He also thanked BOI Chairman Miftah Ismail and Petroleum & Natural Resources Minister Shahid Khaqan Abbasi.
The MAK Al Kaitoob Group chairman further stated that the project aimed at utilising the production from the fields of Nashpa, Makori East, Maramzai, Mari fields, and that he was also excited to see the fields of Paharpur (recently acquired by the Government of Kuwait), Orakzai as that could further enhance production of crude and condensate in
Sheik Mohammed Ahmed Al Kaitoob Al Nuaimi visited Pakistan in March this year and met the Prime Minister Nawaz Sharif and announced the construction of the refinery.
KP is endowed with huge hydrocarbons deposits and produces around 50,000 BPD, which is said to increase considerably in the future. FATA also has huge reserves and with the improving security situation, the blocks there would also be accessible. This project would also have a positive impact on generating employment in KP.