Second and
Third Shipments of
Indus
Refinery arrives at Port Qasim
KARACHI: June 11, 2007 – The Indus Refinery
Limited (IRL) a joint venture project between US and UK Middle East
based investors and Pakistani sponsors, today announced the arrival of
second and third shipments of Refinery equipment which arrived in
Pakistan’s southern Port Qasim in the third week of May and 2nd week
of June 2007.
The shipments included refinery equipment for the 100,000 barrel per day
petroleum refinery located on the main
National Highway
near
Karachi
is expected to facilitate construction to go into full swing.
Mr. Peter J. Hamill, CEO of Indus Refinery Limited while commenting on
the arrival of the second shipment said, “I am pleased to apprise all
our stake holders that the Indus Refinery project is heading in the
right direction with 65% of the refinery equipment having already
arrived in
Pakistan
. The civil works on the project, under the supervision of
SNC-LAVALIN, Canada by DESCON Engineering has started at the refinery
site, and full-fledged construction is expected to begin at an
accelerated pace.”
During construction of the refinery, the project will provide over
5,000 thousand jobs for both skilled and unskilled Pakistanis and when
completed in early 2009 it will provide over eight hundred permanent
skilled jobs.
IRL as a Pakistani Public Limited Company has taken the initiative to
relocate, reconstruct and operate a state-of-the-art refinery to become
the sixth petroleum refinery in
Pakistan
, enabling it to be one of the top two largest refineries in the
country. The IRL refinery has a design capacity of 100,000 BPCD, which
is equal to the country’s current largest refinery.
Mr. Muhammad Sohail Shamsi, Chairman of Indus Refinery Limited said
“The refinery is being constructed to produce maximum yields of the
deficit products requirements of Pakistan, with any surplus to be
exported. Thus the country will save on foreign exchange in term of
import substitution and it will also earn from the export of surplus
products.”
He further stated, “By the end of 2009 this mega project would produce
30,000 barrels more, which will further strengthen the company’s
position in the sector.”
As a fuel refinery, IRL will produce Propane, Butane, LPG, High
Quality Unleaded Gasoline, Kerosene, Aviation Fuels, Low Sulphur High
Speed Diesel. The foreign shareholders have 89.33% shareholding in the
company while the local sponsors have a 10.67% shareholding. As a result
of its low capital investment cost, latest production technology, and
economies of scale, IRL will have a competitive edge over existing
refineries.
Indus
Refinery (IRL) signs contract with Descon
Engineering
KARACHI
: April 14, 2007 – The Indus Refinery Limited (IRL), a joint
venture between
Middle East
based investors and local sponsors, today signed a contract with Descon
Engineering Limited which will provide civil works for IRL’s 100,000
barrel per day petroleum refinery located on the
Main National Highway
near Port Qasim
Under the scope of the contract Descon will provide all personnel,
equipment, and services to complete IRL’s earthworks, grading, paving,
underground piping, underground electrical trenches, tank dikes,
concrete foundations and slabs. The contract is expected to take
20 months to complete and is scheduled to allow for ongoing mechanical
re-erection and electrical and instrumentation work.
Commenting on the signing of the contract between the two entities, Mr.
Peter J. Hamill Chief Executive Officer, IRL said, “It is a landmark
occasion for IRL and a significant development in the oil & gas
sector of
Pakistan
. IRL has also engaged world class engineering firm SNC Lavalin to act
as project manager, Ventech Engineers International as process engineer,
and advisory firms Jacobs Consultancy and Vitol to ensure a successful
project.”
During construction the refinery will provide thousands of jobs for
Pakistanis and when completed in early 2009 it will provide over six
hundred permanent skilled jobs.
Mr.Amer Kamran Khuaja, Director Business Development, Descon while
giving his remarks on the occasion said, “With a rich experience of
over 30years in Plant construction and all disciplines, we are pleased
to be part of this mega project. We will be utilizing a fully integrated
IT based systems, custom developed by our wholly-owned company Descon
Information Systems. The system is fully integrated from proposal
to preparation to project progress and cost control.”
IRL as a Pakistani Public Limited Company has taken the initiative to
relocate, reconstruct and operate a state-of-the-art refinery to become
the sixth petroleum refinery in
Pakistan
, enabling it to be one of the top two largest refineries in the
country. The IRL refinery has a design capacity of 100,000 BPCD or
93,000 BPSD, which is equal to the country’s current largest refinery.
“The refinery is being constructed to produce maximum yields of
profitable products. The products produced will meet the deficit
requirements of
Pakistan
, with any surplus to be exported. Thus the country will save on foreign
exchange in term of import substitution and it will also earn from the
export of surplus products” said, M. Sohail Shamsi, Chairman, IRL.
He further stated, “By the end of 2009 this mega project would
produce 30,000 barrels more, which will further strengthen the
company’s position in the sector.”
As a fuel refinery, IRL will produce Propane, Butane, LPG, High Quality
Unleaded Gasoline, Kerosene, Aviation Fuels, Low Sulphur High
Speed Diesel. The foreign shareholders have 86.7% shareholding in the
company while the local sponsors have a 13.3% shareholding. As a result
of its low capital investment cost, latest production technology, and
economies of scale, IRL will have a competitive edge over existing
refineries.
About IRL: Indus Refinery Limited (IRL) is a joint venture between
Middle East
based investors with 86.7% shareholding and local sponsors with 13.3%.
The Board of Directors comprises business, finance and industry
professionals with vast and diversified Oil, Gas, and related
industries’ experience. After its completion, IRL with capacity of
100,000 barrels per calendar day, will be the sixth petroleum refinery
in
Pakistan
and will rank amongst the two largest in the country.
About Descon: Descon has been highly involved in high profile oil and
gas projects from facilities revamp to grass root projects. It has
delivered engineering, manufacturing, construction, commissioning,
maintenance, and EPC services to refineries, gas fields, process plants,
pipelines, LNG & LPG plants and storage facilities. Descon is a HSE
focused company. As such all its personnel and environmental
protection systems are ISO compliant.
MOU Sign between IRL and FOTCO
