Gwadar oil facility has potential to capture China, Central Asian markets
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A state-of-the-art oil refinery and petrochemical complex, being established at Gwadar has tremendous potential to capture markets in China and Central Asian states where fuel supply takes weeks to reach through other routes.
An official told APP that under the China-Pakistan Economic Corridor , the fuel transportation to China via Pakistan would take just seven days.
He said the mega oil facility is being constructed with around 11 billion dollars Saudi investment.
Pakistan’s average annual oil consumption is around 26 million tons and fifty percent is met through local production of eight existing oil refineries.
Pakistan and Saudi Arabia have agreed to establish a Joint Working Group to ensure timely and smooth execution of the multi billion dollars project.
The official said the government is making all-out efforts to upgrade existing oil refineries and establish new deep conversion facilities to achieve self-sufficiency in this sector.
