Islamabad: A five-member delegation of Chinese Company – East Sea Group Limited (ESGL) – is visiting Gwadar to materialise the USD 4.5 billion oil refinery project in the port city, according to news published on December 21.
As per the details, the chief engineer of ESGL along with other officials of the company will be in Gwadar from December 20. The delegation includes a technical team with petroleum, marine engineering, and commercial background and will be headed by ESGL General Manager Fang Haixia. It was mentioned that the delegation will stay there for three or four days to regulate conceptual and practical frameworks.
Moreover, the delegation will hold meetings with the leadership of China Overseas Ports Holding Company and Gwadar Port Authority (GPA) to review the proposed site for the setup of the oil refinery in Gwadar Free Zone Phase-II.
The news source revealed that the oil refinery project will be constructed in two phases. The first phase will have an annual refining capacity of five million tons. East Sea Group will place at least six crude oil transhipment vessels totalling two million tons, every month, at Gwadar Port. It was stated that the company will start and support its own oil source business. Also, the company will provide transhipment services for major Middle East oil-producing countries.
According to the Ministry of Energy (Petroleum Division), the refinery will provide a substantial storage capacity to Pakistan, allowing it to maintain reserves for a longer period and save foreign exchange.
Once the multi-billion-dollar project is completed, it will bring further investment in the petrochemical industry in Gwadar. After the approval of the government, the concerned institutions are gearing up for a detailed business plan and feasibility study for further processing.
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.
