TEXT: On 11 October, 1947, while addressing the Civil, Military and Air Force Officers, Quaid-e-Azam Muhammad Ali Jinnah said, “God has given us a grand opportunity to show our worth as architects of a new State; let it not be said that we did not prove equal to the task.”
PARCO’s existence today is a living testament to the Quaid’s quote stated above. PARCO’s creation was the outcome of strong fraternal bond between Pakistan and Abu Dhabi. The Company was incorporated in 1974, as a 60:40 joint venture between Government of Pakistan (GOP) and Emirate of Abu Dhabi.
PARCO has been able to implement a number of energy projects which have contributed significantly in enhancing the country’s economic growth, saving foreign exchange, transferring technology and providing employment.
Today, PARCO operates: over 2,000 km of cross-country oil pipelines (including PAPCO a JV with PSO and Shell for its 780km White oil pipeline); this is the safest and fastest mode of managing country-wide supplies of petroleum products. PARCO also established a state-of-the-art 120,000 barrels per day operating oil refinery; and it manages strategic storage facilities throughout the country.
In addition, PARCO has several marketing initiatives, including the second largest retail fuel/lubricants network of TOTAL PARCO Pakistan (TPPL) – a 50:50 joint venture with TOTAL of France and owns and operates the largest LPG marketing and distribution company in Pakistan, PARCO Pearl Gas Ltd – a 100% owned subsidiary.
Pakistan is a fast-growing market with a significant youth demographic that is entering the workforce. Consumption of refined/petrochemical products have seen double digit growth rates in recent years. PARCO has initiated the PARCO Coastal Refinery Limited (PCRL) Project, a greenfield refinery project, to be located in the coastal area near Hub, Balochistan. In the 1st phase, an Oil Import Terminal is to be developed with a capacity to import of -15 to 20 million tons per annum of refined products and crude oil to meet the growing domestic fuel requirements. Subsequently in the 2nd phase, a 350,000 barrels per day Integrated Refinery-Petrochemical Complex is to be developed adjacent to the Oil Import Terminal. The feasibility studies of the above projects are underway.
The focus and diversity of technical, social and environmental projects of PARCO speak volumes for themselves. The Company is continuously moving forward to serve the nation to achieve sustainable social and economic growth and providing energy with responsibility.
Copyright Business Recorder, 2021