Islamabad: The government is going to conduct groundbreaking of the oil refinery in Hub, Balochistan by the end of this year, a news source reported. The coastal oil refinery will have the capacity to produce 250,000 barrels per day (BPD).
The Pak-Arab Refinery Limited (Parco) proposed to build a coastal refinery in the province at an estimated cost of more than USD 5 billion. A senior official stated that the company expects to complete the project by end of 2023.
The government has allotted 1,000 acres of land for the construction of the project. The official added that the refinery was a step forward in making Pakistan self-reliant in the oil production sector. He revealed that there has been a 12.8% increase in domestic production of crude oil from July 2018 to March 2019.
As per sources, the country’s existing average annual oil consumption stands at about 26 million tonnes. Out of this, 50% of the oil is imported and 13.5 million tonnes produced locally.
The official also stated that the government, in collaboration with Saudi Arabia, was planning to build another oil refinery and petrochemical complex at the Gwadar deep seaport city.
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