Pakistan, China firms sign MoU for $1.5b investment in petroleum sector

Beijing: The United Energy Group of China and Pakistan Refinery Limited on Wednesday signed a Memorandum of Understanding for the investment worth $1.5 billion in the petroleum sector. Caretaker Prime Minister Anwaar-ul-Haq Kakar and Federal Energy Minister Muhammad Ali also witnessed the ceremony.

The MoU will help increase the petrol production capacity of the refinery from 250,000 metric tons to 1.6 million metric tons and high speed diesel from 0.6 million metric tons to 2 million metric tons. The petrol and high speed diesel coming from the refinery would prove to be an alternative of the imported costly fuel.