China to build mega petrochemical complex in Pakistan worth $4 billion
Shares
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair M. Tufail on Wednesday announced that a Chinese proposal to establish a downstream petrochemical complex alongside a refinery in Karachi is seeing progress.
The project is said to cost around $4b and proposals for land acquisition of 500-1,000 acres of land in this regard have been presented to Balochistan and Sindh government.
Tufail was meeting a Chinese delegation headed by Ms Li-Jial, Director Tianchen Engineering Corporation (TCC) at the Federation House. Both in their meeting decided to exchange investment mission to cement ties between Pakistan and China.
Chinese had expressed their ire over high rents in Gwadar Free Zone, due to which they had asked for a piece of land in Karachi. But Tufail went on to share that Port Qasim cannot cater to a project of this size, hence the request for land a few kilometers away from it had been put forward.
He added that they the Chinese had also requested for a land allotment in Hub area of Balochistan and would go with the better deal that is offered by either the Sindh or Balochistan govt.
