PAKISTAN: Parco refinery issues construction tenders

23 August 1996

The local Pak-Arab Refinery (Parco) says that it has started the phased issue of tender documents to six prequalified companies for the engineering, procurement and construction (EPC) lump sum contract for its $750 million oil refinery. The issue of tender documents will be completed by September.

Parco says it hopes to award the contract during the first half of 1997.

UOP of the US, which has acted as consultant to Parco for more than 20 years, has carried out the engineering design specification package, and the UK's Babcock King-Wilkinson has acted as project management consultant. The refinery will have a capacity of 100,000 barrels a day and will be situated at Mahmood Kot, near Multan. It will be fed by a pipeline to be built by Williams Brothers of the US at a cost of $90.8 million.

Abu Dhabi-based International Petroleum Investment Company (IPIC) holds a 40 per cent stake in Parco, which was transferred from one of the original partners, the Abu Dhabi National Oil Company (ADNOC). IPIC is a joint venture between ADNOC and the Abu Dhabi Investment Authority.

ANZ Grindiays Bank has been appointed financial adviser and lead arranger of the finance package. About $600 million is to be raised in debt, with an emphasis on export credits Details are expected to be completed during 1997

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