China to Set Up $15 Billion Oil Refinery Complex in Pakistan
A group of Chinese state-owned firms has proposed to construct a $15 billion oil refinery complex in Pakistan, which might aid the country, which has been severely impacted by major foreign investment withdrawals in recent years.
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China Petroleum Pipeline Engineering Company Limited is the country’s largest pipeline builder and a completely owned subsidiary of China National Petroleum Corporation.
China Petroleum Pipeline Engineering Company LTD (CCP) and China Zhen Hua Import and Export Corporation have expressed interest in spending $15 billion in an oil refinery complex, according to Board of Investment (BOI) Secretary Fareena Mazhar.
The company wants to construct the refinery in four years in a location that is not one of the nine prioritised Special Economic Zones (SEZs) along the China-Pakistan Economic Corridor (CPEC).
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However, according to the secretary, under the new laws, any company may seek for SEZ status and be eligible for the same tax and tariff benefits as SEZs. In contrast, the company-specific SEZ would not be eligible for government-funded utility services.
China is the third country after the United Arab Emirates and Saudi Arabia to indicate interest in constructing an oil refinery in Pakistan. The first two proposals have thus far remained on paper.
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