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Future Projects
In order to support improved national energy infrastructure, we look for creative ideas to optimize operations, investigate commercial prospects, and create new business models. In order to minimise the impact on the environment, increase national economic efficiency, develop human resources, and achieve low carbon intensity in our operations and product portfolio, we consistently improve our products and services.
Recognizing the escalating need for Fuel Transportation in Pakistan and the mounting emphasis on cleaner energy sources, PARCO plans to augment its existing 120,000 bpd refinery by converting it into a deep-conversion refinery. This initiative aims to facilitate better processing of heavy crude oils, allowing for enhanced flexibility in crude processing. Consequently, PARCO seeks to optimize the production of Diesel and Motor Gasoline while minimizing the production of Furnace Oil. Moreover, this upgrade will lift the quality of the refinery’s products to meet Euro-V standards.
Considering the shifting energy landscape and rapidly growing demand for high-value petrochemical-based products, PARCO has embarked on an integrated refinery petrochemical project known as PARCO Coastal Refinery Limited (PCRL). This greenfield refinery project is to be located in Hub, near the coast west of Karachi. A phase-wise development plan for this project includes:
- PCRL Phase-1: Development of an Oil Import Terminal (OIT) with a capacity to import ~15 to 20 million tons per annum of refined products. Apart from offshore and onshore facilities of the OIT, the project encompasses a 100 km pipeline connecting the terminal to PAPCO’s White Oil Pipeline Terminal at Port Qasim. This ensures a seamless supply of finished products from the OIT to the upcountry demand centers. PAPCO (PARCO’s subsidiary) spearheads the development of the OIT project, and pre-FEED activities are currently underway.
- PCRL Phase-2: Development of an Integrated Refinery Petrochemical Complex (PCR) with a production capacity of 350,000 barrels per day and the ability to process a wide variety of crude oils. This complex is to be developed adjacent to the OIT, which will supply the requisite crude oil. This project aims to meet the country’s escalating energy demand through indigenous production, reducing the need to import petroleum products substantially. The Feasibility Study for PCR is complete, and potential strategic partners are being approached for forming a joint venture to advance this project.
Predictions suggest that Pakistan’s gas demand will be in the range of 6.5 to 9.5 BCFD by 2035, with a supply deficit of approximately 4 BCFD, as local gas supply also declines. PARCO is in dialogue with Mubadala, PSO, and other strategic investors to develop Pakistan’s LNG Infrastructure, including terminals, pipelines, etc., to meet the burgeoning supply-demand gap.
In view of a growing economy, petroleum demand is also increasing rapidly. Currently, most imports are mainly through Kemari Port (KPT) & Port Qasim (PQ). As per demand forecasts for petroleum products, import volumes are expected to grow to more than ~25 mtpa by 2030, which is well beyond the combined capacity of the existing ports. To maintain energy/fuel security and to cater to the economy’s growth trajectory, the country needs additional port infrastructure to efficiently handle increasing import volumes.
PARCO is actively positioning itself to not only adapt to the ongoing global energy transition but also to seize the opportunities it brings forth. As an initial measure, the company is assessing the possibility of establishing solar plants at its various sites throughout the country, taking advantage of the abundant solar resources available in these sunbelt locations. This strategic move will not only enable PARCO to expand its business portfolio but also contribute to a more environmentally friendly landscape by reducing its carbon footprint and promoting a greener environment.