Islamabad: Board of Investment (BOI) Secretary Fareena Mazhar on Monday (October 15) said that China’s state-owned Oil company will invest USD 15 billion in the construction of an oil refinery complex in Pakistan, news sources reported. The project will be a joint venture of China Petroleum Pipeline Engineering Company LTD (CCP) and China Zhen Hua Import and Export Corporation.
Reportedly, the refinery will be built in a different location than the designated Special Economic Zones (SEZs) under the China Pakistan Economic Corridor (CPEC). However, the refinery project will get the same benefits and tax breaks as well as special incentives given to the industries in the nine SEZs. The project, according to the specifics, would be completed in four years and is a special project approved by the Chinese government to increase Foreign Direct Investment (FDI) in Pakistan.
After the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), China will be the third country to establish a refinery complex in Pakistan. It is expected that the country’s strategic fuel reserves would expand as a result of the development of these projects.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
