Under the contract, TechnipFMC will carry out the management of pre-EPC activities for a grassroot, fully integrated, deep conversion refinery, which is planned to be constructed at Hub near Karachi.

The project, which will be managed and operated by wholly-owned subsidiary, PARCO Coastal Refinery Limited (PCRL), will comprise a modern, deep conversion refinery with a capacity of 250,000 barrels per day, supported by associated marine loading facilities.

PCRL Petroleum Division secretary and chairman Sikandar Sultan Raja said: “Given the rapidly increasing energy and fuel demand of Pakistan, this project is of great importance to improve the fuel supply situation and will support continued economic growth of the country.”

Upon completion, the refinery is expected to be the Pakistan’s largest of its kind and serve the rapidly growing domestic markets for refined products.

PCRL vice-chairman and Mubadala Investment Company refining & petrochemicals executive director Khalifa Al Suwaidi said: “This multi-billion dollar joint-venture project will further strengthen the relationship between our two brotherly countries. We believe, as the largest industrial project in Pakistan, it will deliver significant value for all stakeholders and provide numerous socio-economic benefits for the country.”

TechnipFMC project management consultancy senior vice president Riccardo Moizo said: “We understand the strategic importance of the long-term investment that PARCO is undertaking and are proud to be part of this project, which will help meet the fuel requirements of the country and contribute to the growth of PARCO and Pakistan.”

PARCO, which is 60:40 joint venture between the Government of Pakistan and Emirate of Abu Dhabi, through Mubadala Investment Company, is a fully integrated energy business.

It is engaged in oil refining, oil pipeline operations, and marketing of petroleum products.