ISLAMABAD: Crude oil refining capacity in the country would reach 713,506 barrels from the existing 248,506 barrels a day after the establishment of three more refineries, the National Assembly was informed here on Saturday.

The three new refineries, to be established in the country, are Khalifa Coastal Refinery, with a production capacity of 250,000 bpd, Bosicor Oil Pakistan Ltd with a capacity of 115,000 bpd and Trans-Asia Refinery with 100,000 barrels.

Trans Asia Refinery would be established at Port Qasim while the other two refineries would be established in Balochistan.

Pakistan plans to establish oil and gas nucleus at Khalifa point in Hub.

The ministry of petroleum and natural resources has also decided to establish a floating terminal at Khalifa point, where large oil tankers could anchor for loading or offloading oil.

Responding to the question by Malik Shakir Awan, the minister for petroleum and natural resources, Syed Naveed Qamar, said that the seven refineries operating in the country have the capacity to refine 248,506 barrels crude oil per day.

This includes Pak-Arab Refinery Ltd 100,000 bpd, National Refinery Ltd 62,050 bpd, Pakistan refinery Ltd 47,110 bpd, Attock refinery Ltd 42,000 bpd, Bosicor Refinery Ltd 30,000 bpd, Dhodak refinery Ltd 2,500 bpd and Enar Petrotech Services ltd 2,646 bpd. The incentives given by the government to attract investment in the mid-stream petroleum sectors include linking of Singapore mean FOB spot price parity formula for the new refineries.

The refineries are free to sell their products to any oil marketing company and they are even allowed to establish their own OMC.

Besides no prior permission was required for setting up of new refinery, and the government has granted 20 years tax holiday to any large refinery with a minimum of 100,000 bpd capacity at the coastal belt of Balochistan.