ISLAMABAD: To reduce the oil import bill, the government has decided to achieve self-sufficiency by upgrading the Pakistan Refinery Limited at the cost of $1 billion.
Along with pushing for the establishment of new oil refineries, the government is also working to modernise the existing facilities to cater to 55% needs of diesel and petrol that are currently being met through imports.
To carry out work regarding the multi-faceted strategy to achieve self-sufficiency, help from Chinese companies will be taken as 6 projects, investment initiatives and proposals of different stages are lined up to purify around 1.110 million barrel per day (BPD) of oil.
An oil refinery and a petrochemical complex of 300,000 BPD oil capacity at Gwadar and 250,000 BPD Coastal Refinery will be installed by PARCO at Hub, Balochistan.
A 250,000 BDP Refining and Industrial Park will be established by SINO Infrastructure Hong Kong Oriental Times Corporation ltd. (SIOT).
Pakistan State Oil in collaboration with Power China International Group will set up a crude pipeline of 250,000-300,000 BPD. KPK Refinery Ltd. will set up a facility in order to purify 20,000 BPD oil in Kohat and 40,000 BPD oil refining facility will be established by Falcon Oil Private Ltd. at Dera Ismail Khan.
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