[3][4][5] PARCO, a joint venture between Government of Pakistan and the Emirate of Abu Dhabi was incorporated as a public limited company in 1974.

[2] The major business activities include Crude Oil Refining and Transportation, Storage and Marketing of petroleum products.

With a refining capacity of 120,000 Barrels Per Day, combined storage capacity of over one million tons, a marketing joint venture with TOTAL (France) and a technical support venture with OMV (Austria); PARCO is the strategic fuel supplier for Pakistan.

Pak-Arab Refinery Limited is a member of Oil Companies Advisory Council of Pakistan.

On 12 April 2017, the company announced that it will use technologies from Honeywell to upgrade its refinery near Multan, Pakistan to produce cleaner-burning fuels.