Grassroots refinery gets approval

An investment company of the United Arab Emirates (UAE) has received approval from the Pakistani government to build a refinery worth US$5 billion in the country’s Balochistan province, Emirates News Agency reported. According to the report, the refinery will be established by the UAE’s International Petroleum Investment Company (IPIC) and Pakistan-Arab Refinery Company (PARCO) as a joint venture with equity participation of 74% and 26%, respectively. Wholly owned by the Abu Dhabi government, IPIC focuses on investments in the hydrocarbon sector outside the Emirate of Abu Dhabi, with an investment portfolio valued at more than US$10 billion. (October 10, 2007)