The Azerbaijan State News Agency

ECONOMY

EU bank loans 44 mln euros to Pakistan pipeline

The European Investment Bank has approved a loan of 44 million euros ($50 million) to Pak Arab Refinery Ltd (PARCO) for an oil pipeline project in Pakistan, the European Union said on Thursday.

The 15-year loan accounts for around 10 percent of the total cost of the project to build a 817 km (510 mile) pipeline from Karachi's Port Qasim in the south to storage facilities in central Pakistan's Mehmudkot town.

"It will help meet the growing demand for oil products using an efficient and secure oil transport system," the EU statement said. It did not say when the loan approval was made.

The pipeline is due to start operating in August 2004 but PARCO officials had said in the past they expected it to be completed before that.

The project is expected to result in annual transportation savings of at least $34 million to stake holders. It will have a capacity to move a total of 12 million tonnes of diesel and kerosene annually.

The project involves Shell Pakistan, Pakistan State Oil and Caltex Pakistan.

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