ISLAMABAD, July 30: A Saudi-Canadian consortium has expressed its willingness to invest in an integrated coastal refinery project, with an estimated cost of $ 1.7 billion, in collaboration with the National Refinery Limited (NRL) and Pakistan State Oil (PSO).

The interest was shown by a three-member delegation of Sunaid Khair Consortium during a meeting with the Chairman Board of Investment (BoI), Waseem Haqqie here on Wednesday.

The delegation which comprised Shaikh Rashid Al-Sunaid, President Sunaid Khair Consortium of Saudi Arabia, Dr. Monem Khair, Chairman Al-Khair Consortium, Canada and Hafeez Qureshi a local consultant discussed the possibilities of various opportunities and options in the field of oil sector.

The leaders of the Saudi Canadian consortium said that they can bring hundred per cent equity investment and can also share the equity with NRL and PSO.

The consortium is also exploring possibilities of investment in other areas including construction of Islamabad Airport and possibility of running a fast train in Pakistan.

The consortium has completed various international oil projects in Yemen, Sri Lanka, Malaysia, Egypt and Iran.

The chairman BoI explained the salient features of the liberalized and deregulated investment policy of Pakistan, the BOI’s role as a facilitator and assured on behalf of the Government of Pakistan as well as BoI all possible help and assistance to finalize the refinery project.

The chairman, BOI, offered the visiting delegation a menu of investment opportunities including export of fruits, vegetables, meat and flowers from Pakistan to Middle East and establishment of cool chains near Karachi and Lahore airports to facilitate these export.

The BoI chief also explained that other sectors like livestock, cattle breeding and fisheries have tremendous potential in Pakistan.

The meeting was also attended by secretary, BOI, Dr. Agha Ghazanfar and Sulaiman Shah Mian, EDG of BoI.

The delegation, which is on a four-day visit to Pakistan, a day earlier, had signed a Letter of undertaking with NRL and PSO to plan, design, construct, finance and manage the proposed coastal refinery project.—APP