A delegation of Russian investors from Inter Rao Engineering & Himmash apparat, a leading EPCC contractor through local partners Orpheus have joined in a MoU with Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL) for establishment of medium size refinery in the Pakistani district Kohat, Pakistan Observer reported on August 10, 2017.
A visiting delegation of Russian investors - Yaroslav Gavrylendo, Advisor to CEO Inter Rao Engineering and Narovlyanski Alexander, Head of Export of Himmash apparat - held a meeting with the KPOGCL’s CEO Razi Uddin and other senior officials and showed keen interest in the project, as the province is the leading province of the country in production of crude oil/condensate production.
Sources privy to the development told The Nation that the Russian company has agreed to invest $200 million in the refinery.
The company will discuss the plan with its Turkish partner and it is hoped that by December 2017 the company will achieve its financial close.
Letters of Intent has already been issued by Russian investor through their consortium to KP Government and they are keen to take this project in next phase as stated by Razi Uddin.
As per the MoU terms, interested group will execute detailed feasibility for this project.
KPOGCL also arranged a detailed site visit to the Russian delegation to district Kohat and showed the potential site for setting up the crude / condensate refinery.
The Russian delegation lauded the efforts of KPOGCL for facilitating new investors in the region on fast track basis and assured to take this project forward subject to their approval from Russia to enter Pakistan’s market.