Gwadar: Gwadar Development Authority (GDA) Director General (DG) Shahzeb Khan Kakar recently announced that the land allocation process for the development of a new oil refinery in the city is underway — with the initiative being led by the provincial government’s revenue department in Quetta, according to news sources.
The USD 10 billion oil refinery will be established by the Saudi oil company Saudi Aramco, under the USD 20 billion investment initiative announced by Saudi Crown Prince Muhammad bin Salman during his visit to Pakistan last year. The project would be complemented by a USD 1 billion petrochemical complex.
Reportedly,
several additional projects form part of the Saudi Investment Initiative in
Pakistan as well. These include two Regasified
Liquefied Natural Gas plants costing USD 4 billion, a USD 2
billion investment by Saudi power producing company ACWA Power in Pakistan’s
renewable energy sector, and a USD 1 billion Saudi Fund for the country. A further USD 1 billion will be spent on mid-term projects in the petrochemical, food and agricultural
sectors.
As per the information available, the mega refinery project is projected to have a refining capacity of between 250,000 bpd [barrels per day] to 300,000 bpd. It is expected that by 2050, Gwadar’s economic output will reach USD 30 billion, and per capita income is anticipated to be USD 15,000.
