Specifically, the Association addressed that Pak Arab Refinery Limited (PARCO) has proposed to establish the state-of-the-art Coastal Refinery at Hub, Balochistan with an estimated cost of over $5 billion.
Under the project, expected to be completed by end 2023, around 250,000 BPD oil will be refined, which is equal to 13 million tons of petroleum products per year.
... a senior official privy to petroleum sector developments quoted to APP.
Moreover, about 1,000 acres of land had been allotted for the project and have been 'green-lighted' from October 2007; However, the land remained suspended due to a funding problem.
Concluding, APP's source added that the project is a step closer towards achieving self-reliance in the oil production sector, he said, the government was making all-out efforts to upgrade existing oil refineries and establish new deep conversion facilities for meeting the country’s fuel requirements in a smooth manner.