The Pakistan-American Business Association ...
The Pakistan-American Business Association (PABA) has disclosed that an oil refinery by the name of Indus Refinery would be set up in Karachi within three months with an investment of US$85 million.
The Overseas Private Investment Corporation (OPIC) and EXIM Bank have shown interest in financing this project. Around 200 acres of land has been identified in Port Qasim area.
A 12-member delegation of the association headed by the ex-governor of Virginia, James Gillmore III, in a meeting with the chairman of Board of Investment (BoI), Waseem Haqqie, discussed investment opportunities in various sectors including oil refinery at Karachi, Paraxylene plant, CNG stations, ship breaking, shipbuilding and setting up a shipping line in Pakistan.
The delegation informed the BoI chairman that in view of the improvement in the economy due to good governance, the PABA intend to promote business relationship further between the two countries by bringing more investment from the United States to Pakistan in different sectors.
The US investors also plan to make investment in the shipbuilding and operating a shipping line from Pakistan and are negotiating with Pakistan Navy for joint venture on construction of a small shipping yard near Korangi.
