Kuwait firm to invest in Pakistan refinery

Noor Financial Investment Company (NFIC) of Kuwait will set up an oil refinery and financial harbor in Karachi, Pakistan. Deputy Chairman and Managing Director Naseer Al Marri said that a memorandum of understanding (MoU) has already been signed with the Board of Investment and that the Port Qasim Authority and the Sindh Board of Revenue were ready to provide land where the oil refinery will be built. The 200,000-barrel per day refinery in Port Qasim, which will cost between US$1.5 and US$2 billion, is scheduled to be operational by 2010. (April 12, 2007)