ISLAMABAD – Following signature on Memorandums of Understanding (MoUs)between Pakistan and Saudi Arabia on several projects, a nine-membercoordination committee has been tasked with commanding a view of overallprogress on establishment of $10 billion state-of-the-art oil refinery andpetrochemical complex at the Gwadar Port in Balochistan.
The committee will conduct meetings after every 14 days to overlook theprogress.
The move came after Pakistan and Saudi Arabia had agreed to establish aJoint Working Group (JWG) that would exchange information critical forcarrying out feasibility studies of the project expeditiously.
With the establishment of the refinery and petrochemical complex,Pakistan’s annual oil import will be reduced by over a billion dollars andnew opportunities will be unveiled for youths.
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The refinery will refine and store imported oil for onward transportationto China using the China-Pakistan Economic Corridor (CPEC) route, alongwith developing a potential fuel supply chain for the landlocked CentralAsian states.
