ISLAMABAD, Oct 29: President Pervez Musharraf on Monday chaired a high-level meeting to review the performance of Pak-Arab Refinery Limited (PARCO).

The president on the occasion lauded the decision to set up a mid-country refinery in Muzzafargarah which is of great strategic importance.

PARCO Managing Director Dr Shahid K Haq made a detailed presentation on PARCO at the meeting.

He said PARCO during the last 25 years has provided Rs25 billion of socio-economic benefits to the country. He said an investment of Rs400 million was made in the joint venture for PARCO and its current assets have now estimated at Rs90 billion. This included the mid-country refinery completed at a cost of Rs40 billion.

The president was informed that the White Oil Pipeline Project between Karachi and Multan was in progress and will be completed by December next year. He was also briefed about proposed projects of PARCO including Faisalabad-Kharian, Faisalabad-Sahiwal and Mehmod Kot-Peshawar white oil pipeline projects which will cost about $500 million.

Musharraf highly appreciated the contribution of PARCO in meeting country’s socio-economic and defence needs.—APP