New Investment: UAE firm to set up refinery

At the end of the first phase, the refinery would have a capacity of 50,000 barrels per day

ISLAMABAD: Xclera Resources UAE CEO Shaikh Muhammad Ahmed Ali Al Kaitoob Alnuaimi called on Prime Minister Nawaz Sharif and expressed interest in setting up a state-of-the-art oil refinery in Pakistan at a cost of around $500 million, which will start functioning by mid-2016. At the end of the first phase, the refinery – spread over 400 acres – would have a capacity of 50,000 barrels per day. In three years, the capacity would increase to 100,000 barrels per day. Xclera Resources CEO said the refinery would have very high environmental standards and would not cause any damage to the flora and fauna.

Published in The Express Tribune, March 28^th, 2015.

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