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UAE Walks Out of $5 Billion Coastal Refinery Project

The United Arab Emirates (UAE) government has backed out of an agreement to install a $5 billion Coastal Refinery at Khalifa Point near Hub in Balochistan.

While walking out of the agreement on the project, with the capacity to refine 250,000 barrels of crude oil a day, the UAE has linked the establishment of the giant plant to taking charge of the country’s strategic asset of Parco (Pak-Arab Refinery Company), a senior official confided to The News on Sunday.

Source: The News

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14 SUM CVR 160x214Inside the Summer 2014 issue…

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