RAWALPINDI, April 11: Saudi investor and the chairman of Attock Group of Companies, Dr Ghaith Pharaon, has arrived in Pakistan to devise modalities for investing $500 million in oil, energy and cement sectors, sources told Dawn .

Sources said the Attock Group chairman had given a go-ahead for the implementation of the projects. Out of the total, about $130 million will be invested immediately and work on the projects will start from July 1, Mr Ghaith said.

The projects include a 470km-long petroleum product pipeline from Lahore to Peshawar via Rawalpindi, a 150mw power plant based on indigenous furnace oil, major expansion of Attock Cement and revamping of Attock Refinery at Morgah.

The group also envisages establishment of a 250mw unit and plans to invest another $50 million on expanding its plant at Hub, near Karachi. It has also plans to invest in telecommunication, hi-tech and information technology, he said.

Dr Ghaith Pharaon met President Musharraf and informed him about the mega projects which the group have planned to launch in different fields in Pakistan. Federal Minister for Petroleum Nouraiz Shakoor and chief of Attock group were also present on the occasion.

The president highly-appreciated investments by the Attock Group in various infrastructure schemes. Mr Pharaon expressed satisfaction over the investment policies of the government of Pakistan. He said the group is one of the oldest investors in Pakistan and would continue investing more in the country.

The Saudi investor, accompanied by Attock Refinery Limited chief executive Raziuddin, also met the petroleum minister and Finance Minister Shaukat Aziz and informed them about their future plans. The finance minister told Mr Pharaon that Pakistan was pursuing investment-friendly policies.