Pak-China MoU Signed for $1.5 Bn Investment in Petroleum Sector

Beijing: According to the latest information, the United Energy Group of China (UEG) and Pakistan Refinery Limited (PRL) are having a signing ceremony for a Memorandum of Understanding (MoU). An agreement to invest $1.5 billion in the petroleum industry was signed by them. The ceremony was observed by Mr. Anwaar-ul-Haq Kakar, the caretaker prime minister, and Mr. Muhammad Ali, the federal energy minister. The refinery’s capacity to produce “petrol” from 250,000 to 1.6 million metric tons and “high-speed diesel” from 0.6 to 2 million metric tons may increase as a result of this agreement. It would prove to be the high-speed diesel and petrol processed at the refinery, which would take the place of the expensive imported fuel.

The acting prime minister said that Pakistan was dedicated to collaborating with China and other regional partners to realize the goals of an open global economy and to advancing connectivity on a transcontinental scale during his speech at the Third Belt and Road Forum (BRF) event on “Connectivity in an Open Global Economy.” He continued by saying that we can build a more promising, peaceful, and sustainable future for ourselves and future generations if we take shared responsibility and work together.

In addition, he announced that the pandemic had an impact on food security, peace, and the gap between the rich and the poor around the world. In order to transform CPEC into a corridor of innovation, growth, green economy, livelihood, inclusivity, and openness, he supported the Chinese proposal.

The two-day forum in Beijing, which celebrated the ten years of the multibillion-dollar cross-regional Belt and Road Initiative, drew representatives from 140 countries. The acting prime minister praised President Xi Jinping for this ground-breaking concept. It has been shown to be a significant or instrumental factor in bringing about shared prosperity and development in the contemporary era of globalization.

The PM called for a coordinated international response in an attempt to prevent regression from the progress achieved under the UN Sustainable Development Goals (SDGs) or 2030 Agenda. Through this movement, the intricate transnational problems that humanity faces can also be addressed. He emphasized that in order to close infrastructure gaps in developing countries, investments must be made in the digital economy, energy, and transportation.

The 50 CPEC projects, valued at $25 billion, according to the acting prime minister, have allowed Pakistan to build state-of-the-art roads, airports, seaports, and rapid mass transit systems. He asserted that the government of Pakistan had moved to turn Gwadar into a significant trading hub, providing new opportunities for trade with the West and other nations.

He went on, “The next phase of the CPEC would be ready to accommodate small tradespeople, farmers in the countryside, and students.” As the project reaches its ten-year mark since launch, it guarantees rising living standards, a boom in employment, and the end of poverty.

The Chinese President, Mr. Xi Jinping, highlighted the working concept with all attendees at the BRF’s opening in an effort to entice a new blueprint for the premier BRI. He described BRF as “humanity’s joint pursuit of development for all,” claiming that it encompassed not only Africa and Latin America but also Eurasia. He claimed that the project would give the world economy a boost again and that it had secured the flow of capital, goods, technology, and human resources by mentioning 20 platforms for multilateral cooperation.

According to Russian President Vladimir Putin, China has demonstrated its strength in carrying out its global connectivity initiative over the last ten years. He claimed that Russia supported President Xi’s plan to guarantee advantageous regional and national ties.

Besides Caretaker PM, the following dignitaries attended the forum:

Russian President Vladimir Putin
Indonesian President Joko Widodo
Ethiopian Prime Minister Abiy Ahmed
Cambodian Prime Minister Hun Manet
Hungarian Prime Minister Viktor Orban
Argentina’s President Alberto Fernandez
Sri Lankan President Ranil Wickremesinghe
Papua New Guinean Prime Minister James Marape
Republic of Congo President Denis Sassou Nguesso

The signing ceremony was perceived by the two PMs’, in which various agreements/MoUs were signed in areas of transport, commerce, and communication, including:

MLI
Media exchanges
Capacity building
Space cooperation
Urban sustainable development
Connectivity food security & research
Climate change and vaccine development
Mineral development and industrial cooperation

Separately, Mr. Anwar had a meeting with Mr. Li Xi, a Chinese Communist Party member on the Politburo Standing Committee. They emphasized the nations’ shared commitment to strengthening their bilateral political and economic ties as well as their unwavering support for one another in matters of great importance. The two leaders also discussed how to increase Chinese investment in Pakistan, specifically in the fields of agriculture, ICT, infrastructure, and mining. The two participants also discussed financial moderation and anti-corruption initiatives.

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