October 26, 2003	Sunday	Sha’aban 29, 1424

KARACHI, Oct 25: Pak-Arab Refinery Company has transferred its outstanding balance of a $100-million loan of Marubeni Corporation of Japan to Habib Bank Ltd, its managing director Shahid K. Hak told Dawn.

He said this $100 million was part of the $600 million foreign currency loan PARCO had raised to build its mid-country refinery in Multan. The remaining $500 million had come from Export Import (Exim) Bank of Japan.

Mr Hak said PARCO had been making debt servicing on time and had so far repaid $250 million of the total $600 million foreign loan. The refinery, which was constructed at cost of $886 million, including $200 million equity injected by PARCO, went into operation in September 2000, one month ahead of its scheduled launching.

“And we have earned an operating profit of Rs1 billion from our mid-country refinery,” said Mr Hak, adding that this amount was part of the total after-tax profit of Rs3.5 billion PARCO earned during the last fiscal year.

He said PARCO had transferred the outstanding balance of $100 million loan of Marubeni Corporation of Japan to HBL to