$10 billion oil refinery: Pakistan government takes an important step
ISLAMABAD - Following signature on Memorandums of Understanding (MoUs) between Pakistan and Saudi Arabia on several projects, a nine-member coordination committee has been tasked with commanding a view of overall progress on establishment of $10 billion state-of-the-art oil refinery and petrochemical complex at the Gwadar Port in Balochistan.
The committee will conduct meetings after every 14 days to overlook the progress.
The move came after Pakistan and Saudi Arabia had agreed to establish a Joint Working Group (JWG) that would exchange information critical for carrying 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 and new opportunities will be unveiled for youths.
The refinery will refine and store imported oil for onward transportation to China using the China-Pakistan Economic Corridor (CPEC) route, along with developing a potential fuel supply chain for the landlocked Central Asian states.