KARACHI, May 2: Descon Engineering Limited (DEL) has signed a contract with TransAsia Refinery Limited (TRL).

The contract was signed by DEL managing director and CEO Shaikh Azhar Ali and TRL chief executive officer Muhammad Salim in Lahore.

By bringing in foreign direct investment of $50 million, the 100,000 barrel per day refinery has to be relocated from Naples, Italy to Port Qasim, Karachi.

The project is scheduled to be completed by April 2010, says a DEL press release.