ISLAMABAD, Oct 3: Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon has assured all facilities and cooperation to Kuwait’s Noor Financial Investment Company for setting up a refinery at Port Qasim.

The minister was talking to a three-member delegation of the Kuwaiti company led by its chairman Nasser Al Marri who called on the minister on Tuesday to discuss the matters regarding establishment of the proposed $1.5 billion refinery.

The government of Pakistan and Noor Financial Investment Company of Kuwait signed a memorandum of understanding for setting up the proposed refinery project at Port Qasim in the presence of the President of Pakistan and Amir of Kuwait on June 19, 2006.

The minister said that the setting up of oil refinery would be a milestone in brotherly relations of the two countries and added that the government had deregulated the petroleum sector and was offering attractive incentives to the prospective investors.

He further said that there existed a lot of potential for the investors in oil and gas sector and privatisation process of state-owned units.

The deputy chairman of the Kuwaiti company briefed the minister about the worldwide activities of the group and appreciated the growth of oil and gas industry in Pakistan in last few years.

He said that Noor Company would also take part in the oil and gas units’ privatisation activities for the mutual advantage.

Meanwhile, the petroleum minister also held a separate meeting with chief executives of the oil refineries operating in the country to review the updated performance in the refining sector particularly providing a cleaner fuel.

The minister emphasised the need to improve the quality of the petroleum products in line with the international standards to reduce environmental pollution. He said that the refineries should set up de-sulphurisation units so as to produce low sulphur HSD.

He said that the refineries had already been given target to produce Euro-II standard high speed diesel (HSD) by the year 2008 and the refineries should be equipped with modern facilities.

In this regard the minister constituted a committee headed by the Additional Secretary Shaukat Hayat Durrani to be represented by the members of the refineries to expedite the process of modernisation in the refining sector.

Chief executives of the oil refineries briefed the minister about the steps being taken by their organisations for meeting the global environmental standards vis-à-vis investment involved in the process of modernisation.

Secretary Petroleum Ahmad Waqar, DG (Oil) Sabir Hussain, DG (HDIP) Hilal A. Raza, OGDCL CEO Arshad Nasir, Parco MD Rasheed Jung, Attock Group of Companies chairman Shoib Anwar Malik and chief executives of ARL PRL, Boisicor, NRL attended the meeting.