Chinese team starts initial work to set up $ 4.5 billion oil refinery at Gwadar
Quetta: A 15-member Chinese team, consisting of engineers and experts, has started the initial work for implementing the decision for setting up an oil refinery at Gwadar US $ 4.5 billion.
According to an official statement, a Chinese 15-member team, which included engineers and other technical experts started work in Phase 2 of Gawadar Free Zone.
About 8 million cores oil will be reformed to produce petrol, diesel and other petroleum products in the oil refinery to be established in Gwadar.
Earlier, a Chinese Firm – Chinese East Sea Group – announced that it will set up an oil refinery in Gwadar with an annual capacity of 8 million tons, costing US $ 4.5 billion.
CEO of the Chinese East Sea Group, Fang Yulong had made the announcement to establish the oil refinery in Gwadar Free Zone area.
The refinery will provide a substantial storage capacity to Pakistan, enabling it to maintain reserves for longer time and save foreign exchange.
Fang Yulong, who is also Senior Vice President of Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI), said at a recent online meeting of the PCJCCI that: “We will build Gwadar Petroleum Storage and Transportation Trading Centre; this project will attract world’s major oil trading companies to Gwadar Port.”
Fang Yulong revealed that the company would place at least six ships of crude oil for blending and trans-shipment at Gwadar Port with a total of 2 million tons per month. It will provide oil to major oil-producing countries in the Middle East for sales and blending services.
He stressed that the development of energy industry was an important catalyst for the transformation of economic structure. “It can not only stimulate and guarantee the development of various downstream industries, but will also further reduce the trade deficit and increase foreign exchange reserves.”
He called Gwadar “the throat of several important maritime routes from Africa, Europe, the Red Sea, the Strait of Hormuz and the Persian Gulf to East Asia and the Pacific”.
Fang Yulong mentioned that its strategic location close to major oil-producing countries and shipping routes and good political relations with oil-producing states make the port a potential energy and petro-chemical trade centre.
Quetta: A 15-member Chinese team, consisting of engineers and experts, has started the initial work for implementing the decision for setting up an oil refinery at Gwadar US $ 4.5 billion.
According to an official statement, a Chinese 15-member team, which included engineers and other technical experts started work in Phase 2 of Gawadar Free Zone.
About 8 million cores oil will be reformed to produce petrol, diesel and other petroleum products in the oil refinery to be established in Gwadar.
Earlier, a Chinese Firm – Chinese East Sea Group – announced that it will set up an oil refinery in Gwadar with an annual capacity of 8 million tons, costing US $ 4.5 billion.
CEO of the Chinese East Sea Group, Fang Yulong had made the announcement to establish the oil refinery in Gwadar Free Zone area.
The refinery will provide a substantial storage capacity to Pakistan, enabling it to maintain reserves for longer time and save foreign exchange.
Fang Yulong, who is also Senior Vice President of Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI), said at a recent online meeting of the PCJCCI that: “We will build Gwadar Petroleum Storage and Transportation Trading Centre; this project will attract world’s major oil trading companies to Gwadar Port.”
Fang Yulong revealed that the company would place at least six ships of crude oil for blending and trans-shipment at Gwadar Port with a total of 2 million tons per month. It will provide oil to major oil-producing countries in the Middle East for sales and blending services.
He stressed that the development of energy industry was an important catalyst for the transformation of economic structure. “It can not only stimulate and guarantee the development of various downstream industries, but will also further reduce the trade deficit and increase foreign exchange reserves.”
He called Gwadar “the throat of several important maritime routes from Africa, Europe, the Red Sea, the Strait of Hormuz and the Persian Gulf to East Asia and the Pacific”.
Fang Yulong mentioned that its strategic location close to major oil-producing countries and shipping routes and good political relations with oil-producing states make the port a potential energy and petro-chemical trade centre.
