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Article: Abu Dhabi Expanding In Pakistan
- Article from:
- APS Review Downstream Trends
- Article date:
- November 20, 1995
CopyrightCOPYRIGHT 1995 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Abu Dhabi has traditionally had close business links with Pakistan. These were damaged by the BCCI scandal, with most of the top executives of the bank having been Pakistanis. But relations have gradually returned to normal. The emirate's first foreign downstream investment was in Pakistan. In 1974 Abu Dhabi and Islamabad created Pak-Arab Refinery Co. (Parco), with ADNOC having a 40% stake in the venture with the rest held by the Pakistani government.
Yet the proposed refinery, at Mahmood Kot in Multan (central Pakistan), did not materialise for 20 years. Financing was one of the problems. The slow deregulation of the refining sector in Pakistan was another problem. ...