Islamabad – Pak-Arab Refinery Ltd (PARCO) has announced the award to TechnipFMC of a Project Management Consultancy (PMC) services contract to carry out the management of pre-EPC activities for a grassroot, fully integrated, deep conversion refinery to be constructed at Hub near Karachi, Pakistan.
The project will be managed and operated by wholly-owned subsidiary, PARCO Coastal Refinery Limited (PCRL). When completed the facilities will comprise a modern, deep conversion refinery with a capacity of 250,000 barrels per day, supported by associated marine loading facilities. It will be Pakistan’s largest refinery and serve the rapidly growing domestic markets for refined products.
The agreement was signed on May 16, 2018 by Mr. Tariq Rizavi, Chief Executive Officer of PCRL, and Mr. Riccardo Moizo, Senior Vice President – Project Management Consultancy of TechnipFMC.
Mr. Sikandar Sultan Raja, Secretary Petroleum Division and Chairman PCRL, said, “Given the rapidly increasing energy and fuel demand of Pakistan, this project is of great importance to improve the fuel supply situation and will support continued economic growth of the country.”
“This multi-billion dollar joint-venture project will further strengthen the relationship between our two brotherly countries. We believe, as the largest industrial project in Pakistan, it will deliver significant value for all stakeholders and provide numerous socio-economic benefits for the country”, said Mr. Khalifa Al Suwaidi, Executive Director – Refining & Petrochemicals, Mubadala Investment Company and Vice Chairman PCRL.
“We understand the strategic importance of the long-term investment that PARCO is undertaking and are proud to be part of this project, which will help meet the fuel requirements of the country and contribute to the growth of PARCO and Pakistan”, said Mr. Riccardo Moizo, Senior Vice President TechnipFMC Project Management Consultancy.
PARCO is a 60:40 joint venture between the Government of Pakistan and Emirate of Abu Dhabi, through Mubadala Investment Company. PARCO is a fully integrated energy business engaged in oil refining, oil pipeline operations, and marketing of petroleum products. It has developed a track record of delivering successfully major investment projects.