Chinese Firm to Build USD 15 Billion Refinery Complex in Pakistan
Fareena Mazhar, secretary of the Board of Investment (BOI) in Islamabad, reportedly stated that China’s state-owned Oil Company will invest USD 15 billion in the development of an oil refinery complex in Pakistan.
China Petroleum Pipeline Engineering Company LTD (CCP) and China Zhen Hua Import and Export Corporation will collaborate on the project.
According to reports, the refinery will be constructed outside of the Special Economic Zones (SEZs) established by the China-Pakistan Economic Corridor (CPEC). However, the refinery project will receive the same perks, tax exemptions, and special incentives provided to the nine SEZs’ sectors.
According to the details, the project would be finished in four years and is a Chinese government-approved special project to increase Foreign Direct Investment (FDI) in Pakistan.
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China will be the third country to develop a refinery complex in Pakistan, after the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). It is anticipated that the expansion of the nation’s strategic fuel reserves will result from the implementation of these projects.
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