KARACHI, March 14: The completion of Indus Refinery Ltd has been delayed by about two years, mainly because of political instability, a top company official said on Friday.
The country’s sixth major oil processor, which is being built at an estimated cost of $900 million and was originally scheduled to start production in December 2007, is likely to be completed by October 2010, said Mohammad Sohail Shamsi, the chairman of the company.
“The delay is because of concerns of foreign investors, who are taking time to decide whether or not they should be investing here,” Mr Shamsi told Reuters.
He said 70 per cent of the equipment for his refinery had reached Pakistan and construction was under way.
“Up to 70 per cent of the engineering work has also been completed,” he said. “We have so far spent $285 million on the project.”
