China to Set Up $15 Billion Oil Complex
A consortium of Chinese state-owned enterprises has proposed to build a $15 billion oil refinery complex in Pakistan, which has struggled with massive outflows of foreign investment over the past few years.
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Tuesday, Board of Investment (BOI) Secretary Fareena Mazhar told The Express Tribune that China Petroleum Pipeline Engineering Company LTD (CCP) and China Zhen Hua Import and Export Corporation had expressed interest in investing $15 billion in an oil refinery complex.
Initially, it was anticipated that CPEC would augment current foreign direct investment, but the data demonstrate otherwise. After China began investing in Pakistan, the United States was the first nation to withdraw or cut its investment in Pakistan, according to Mazhar.
Read: PCB Insists on Hosting India in Pakistan Despite England’s Offer
The secretary stated that from 2002 to 2012, Chinese investment in Pakistan totaled $814 million, compared to $5.7 billion in US investment.
The BOI has been pushing expats to seek for work visas in Pakistan. The number of foreign expats seeking work visas has increased by 44%, from 3,485 in 2019-20 to 5,035 at the end of the previous fiscal year.
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