Islamabad: The Government of Pakistan has decided to develop the Gwadar Oil City on 80,000 acres of land, according to a news source. The project, which is a part of the China-Pakistan Economic Corridor (CPEC), is meant to serve as a storage facility for oil imported from Gulf Countries, which will then be routed to China.
The construction of the Gwadar Oil City will reduce commut to China from 40 days to seven days. The Gwadar Development Authority (GDA) Director General Sajjad H. Baloch told the reports that the PC-1 for acquiring land for the project has already been sent. The project is estimated to cost PKR 10 billion, while the construction of a storage setup and related facilities will require additional funds, which will be generated in the form of investment.
According to Baloch, an oil refinery, petrochemical industries and storage facilities will be established in the Gwadar Oil City.
