Parco Refinery Upgrade Project

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The government of Pakistan is planning to seek investment from United Arab Emirates for an important project The Cabinet Committee on Energy recently discussed asking UAE to invest 1.3 billion dollars in upgrading Pakistan Parco oil refinery Parco is an oil refinery company located in Karachi which is jointly owned by the governments of Pakistan and UAE. 


The planned upgrade at Parco refinery includes installing new equipment called hydrocracker unit This unit will help convert heavy fuel oil into useful products like petrol and diesel. This will increase the production of fuels and reduce imports. The Committee also discussed extending deadline for some other refineries to finalize their own upgradation agreements. 


Representatives from Pakistan will soon visit UAE to discuss this investment proposal in detail. The Parco management is also reviewing the project details and will make a decision in next 5-6 months. Successful talks with UAE can lead to modernization of Parco which will benefit both countries. It will improve Pakistan's oil refining capacity and reduce dependence on imports.


Reliable fuel supply is critical for any economy. Parco refinery is already working at its maximum capability which is helping fuel demand and saving foreign exchange. Timely government actions have boosted local sales and reduced smuggling. Upgrading Parco with UAE's help can further strengthen Pakistan's energy sector security. 


In conclusion, proposed UAE investment in Parco refinery upgrade is an important opportunity for Pakistan. It has potential to significantly boost local production of fuels like petrol and diesel. This will reduce import costs and pressure on currency reserves. The project deserves full support of all stakeholders.

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