Islamabad: Chinese firm — East Sea Group Limited — has planned to invest USD 4.5 billion for the construction of a refinery in Gwadar with a yearly oil processing capacity of 8 million tonnes, according to news published on October 28.
East Sea Group Limited Chief Executive Officer (CEO) and Senior Vice President of Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) Fang Yulong announced the plan to set up an oil refinery in Gwadar during the briefing at the PCJCCI Secretariat. The CEO revealed that they will establish Gwadar Petroleum Storage and Transportation Trading Centre. He went on to say that the project will attract the world’s major oil trading companies to Gwadar Port.
Sharing more details, Mr Fang stated that the set-up will comprise six crude oil ships from blending and trans-shipment at the port, with a total capacity of 2 million tonnes per month. The news source mentioned that it will supply oil to major Middle Eastern oil-producing countries for blending services and sales.
Moreover, the CEO opined that the growth of the energy sector was critical for the progression of South Asia’s economic structure. He went on to say that it will only guarantee the development of different downstream industries, but will diminish trade deficit and increase foreign exchange reserves. Highlighting the strategic location of Gwadar Port, he stated that its location near major oil-producing markets, trade routes, and good political relations with oil-producing states makes it a potential petrochemical and energy hub
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
