Kristy
11-16-2009, 08:38 AM
Abu Dhabi state-owned International Petroleum Investment Co. (IPIC) and Pak-Arab Refinery (PARCO), a joint venture between Pakistan and Abu Dhabi, will build a $5bn oil refinery in Pakistan's south-western Balochistan province. The Khalifa Coastal Refinery project, which will have an output capacity of 250,000 barrels per day, was postponed in January due to the global recession. PARCO will hold 24% of shares and IPIC the other 76% in the refinery.
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