Pakistan and UAE Discuss Investment for Upgrading PARCO Refinery

 


The Government of Pakistan recently held meetings to discuss plans for securing investment from the United Arab Emirates to upgrade facilities at Pak Arab Refinery Company PARCO. 


PARCO is a joint venture between Pakistan and UAE that operates a major oil refinery in Pakistan In the meetings the Pakistani government decided to send a delegation to engage with officials in UAE. The goal is to request $1.3 billion from UAE to install new equipment at PARCO refinery This would enable PARCO to produce cleaner petrol and diesel by converting heavy fuel oil Upgrading PARCO facilities would aid Pakistan efforts to increase output of environmentally sustainable fuels.


Options to extend deadlines for some refineries to sign agreements under Pakistan new refinery upgrade policy were also examined. Attock Refinery National Refinery and Pakistan Refinery expressed readiness to immediately sign such agreements to support modernization efforts. PARCO is currently revising the feasibility study for its proposed facility improvements. 


As Pakistan largest oil refinery PARCO fulfills around half of national fuel demand when operating at full capacity This helps reduce foreign exchange expenditures on fuel imports Both energy and investment authorities endorse PARCO operations and modernization aims Talks with UAE aim to access funding crucial for PARCO planned upgrades to expand capacity and transition to cleaner technologies.

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