Business

Govt to initiate auction of forty new oil, gas blocks from December: Omar Ayub

Minister for Petroleum Omar Ayub Khan has said the government will announce a new oil and gas exploration and production policy in the next few months.
In a statement, Omar Ayub Khan said we will also initiate auction of forty new oil and gas blocks from December this year. This will generate good activity in Oil and Gas sector.
Omar Ayub said the ground breaking of Khalifa Point Refinery project will be performed by end of this year.
This eight billion dollar project is a joint venture of PARCO and the United Arab Emirates.
He said the refinery will have output capacity of 250,000 barrels per day.