KARACHI: Pakistan will have a second petroleum refinery in Karachi by the end of 1965 or in the beginning of 1966.
The refinery, to be set up at an estimated cost of Rs8,50,00,000, will be constructed with American assistance at Korangi where one is already functioning.
The National Refinery Ltd., which will construct the new refinery, has concluded an agreement with American International Company to supply crude oil for the refinery. The crude oil will be shipped to Pakistan from American International’s new Darius field in the Persian Gulf area.
The proposed refinery will be managed entirely by Pakistanis. When completed, it will process 10,000 barrels a day equivalent to five lakh tons per year. It will save Pakistan about $11 million in foreign exchange yearly.
The refinery will produce lubricants, asphalt, and other petroleum products. Mr Abdul Qadir, Chairman of the National Oils Ltd., said yesterday, while announcing the venture in Karachi, that the refinery would meet a large portion of the country’s requirements of lubricants, asphalt and diesels.
He said the National Refinery Ltd. — a public joint stock company — hopes to go into the market in due course.
American International, under the agreement signed by Mr Abdul Jalil, Director of the National Refinery Ltd., in New York will assist by way of financing and providing design engineering and technical aid. It will also train personnel in modern methods of refinery operations for the National Refinery. — Staff Correspondent
Barter pacts
KARACHI: Pakistan yesterday signed with the USSR and Poland two fresh barter trade agreements under which cement from Soviet Russia and Poland would be imported in exchange for raw jute of an equal value.
The total quantity of cement which Pakistan will receive from both the countries under these agreements will amount to 1,30,000 tons of which the USSR alone will supply 100,000 tons.
The two agreements, signed in Karachi separately within an hour, are second in the series. With the USSR, Pakistan had its first barter deal on Aug 30 last, and with Poland on Sept 12, 1963. — Staff Correspondent
