UAE firm to set up oil refinery in Hub
By Asad Cheema

ISLAMABAD—Economic Coordination Committee (ECC) has deferred the decision to accord approval to auto policy terming it unsatisfactory. The ECC met here Tuesday under the Prime Minister Shaukat Aziz in Prime Minister secretariat. The meeting lasted for over four and a half hour.
Ashfaq Hussain, advisor to prime minister on finance gave briefing to the journalists after the meeting on the ECC decisions. Ashfaq Gondal PIO was also present on the occasion. He informed that ECC had not approved auto policy. It has directed the concerned quarters to consult the respective ministries in this regard and present the report within 30 days. Dr Ashfaq Hussain told the journalists that ECC had accorded approval to Abu Dhabi based international petroleum investment company to set up coastal oil refinery at Khalifa point near Hubb.
This refinery will refine 2 to 3 Lakh barrel oil daily, he indicated. This refinery will be utilized for export purpose, he added. It will be completed by 2010-11 and $4 to 5 billons will be spent on it. Construction work will start from next July, he informed. The ECC lauded the role of provincial governments and price magistrates in keeping the prices of essential commodities stable during the holy month of Ramadan, he said adding the committee decided to continue this system. The meeting was told that hike in prices of some commodities and vegetables like tomato, onion and potato was noticed due to closure of market and transport since ten days after the Eid ul Fitr. The improvement will now come in the prices, he added.
The meeting also appreciated the monitoring process of prices of fertilizers including DAP, he told. The committee took notice of the reports on not decreasing the prices of DAP in Rawalpindi. It was decided that action will be initiated against the dealers found involved in this irregularity.
Dr Ashfaq told that Utility stores role in stabilizing the prices of goods and ensuring their supply was also appreciated in the meeting. It was told during the meeting that 897 utility stores are operating all over the country at present. 340 more stores will be established by December. 100 franchised utility stores will be provided by the end of this year.
Dr Ashfaq pointed out that ECC has decided to supply 60 million cubic gas feet daily from Murree deep to Fouji Foundation power project and 40 million ETA to ESCON power project. 45 million cubic feet will be supplied to Wapda Guddu Thermal power station, he added. Gas discovered from Zamzama gas field will be used for other purposes. The committee has withdrawn the powers from companies to pay gas bonus and has transferred these powers to federal government.
The oil companies earlier spent the oil bonus for the development of the areas wherefrom the oil was discovered , he said adding it has been decided in the meeting that this amount will be provided to district governments through federal and provincial governments.
The Economic Coordination Committeeof the Cabinet (ECC) Tuesday decided to set up a coastal oil refinery for export purpose at Khalifa point near Hub in Balochistan at a cost of US $ 5 billion. The ECC met here under the chairmanship of Prime Minister Shaukat Aziz.
Later Advisor Finance Ministry Dr.Ashfaq Hassan Khan briefed the media about the decisions of the ECC at a press conference here today. Principal Information Officer (PIO) Ashfaq Gondal was also present on the occasion. Dr.Ashfaq said that the construction work on the oil refinery would be started in the July-August 2007 and commissioned by the year 2010-11.
He said that a consortium of official Abu Dhabi International Petroleum Investment Company (IPIC) is investing in the refinery. The Advisor Finance Ministry said that ECC was also informed that in the Province of Sindh 28.5 mmcf natural gas per day has been newly discovered.