China to Set Up $15 billion Oil Refinery Complex in Pakistan
11.01.2021 By Ricardo Perez - NEWS

November 1, 2021 [Dailytimes] – A group of Chinese state-owned enterprises has volunteered to build a $15 billion oil refinery complex, which might help Pakistan, which has been hit hard by massive withdrawals of foreign investment in recent years.

 

China Petroleum Pipeline Engineering Company Limited is a wholly owned subsidiary of China National Petroleum Corporation and the country’s largest pipeline builder.

According to Board of Investment (BOI) Secretary Fareena Mazhar, the China Petroleum Pipeline Engineering Company LTD (CCP) and China Zhen Hua Import and Export Corporation have expressed interest in investing $15 billion in an oil refinery complex.

The company plans to build the refinery in four years at a location that is not in one of the China-Pakistan Economic Corridor’s nine prioritised Special Economic Zones (SEZs) (CPEC). However, the secretary stated that under the new rules, any company can apply for SEZ designation and be eligible for the same tax and duty advantages as SEZs. The company-specific SEZ, on the other hand, would not be eligible for government-funded utility services.

After the United Arab Emirates and Saudi Arabia, China is the third country to express interest in building an oil refinery in Pakistan. The first two proposals have remained on paper to this point.

Click Here to Access Today a 7,000 Tank Terminal Database With a Pro Trial
7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

IKAV, VTTI Buy Majority Stake in Italy's Biggest LNG Terminal
03.28.2024 - NEWS
March 28, 2024 [Reuters]-Dutch infrastructure group VTTI and German asset manager IKAV have teame... Read More
Neste Oyj : Supplying Sustainable Aviation Fuel to Emirates for Flights From Amsterdam Airport Schiphol
03.28.2024 - NEWS
March 28, 2024 [Market Screener]-Neste has started supplying sustainable aviation fuel (SAF) to E... Read More
France Gets EC Nod for EUR-900m Biomass, Hydrogen State Aid Plan
03.28.2024 - NEWS
March 28, 2024 [Renewables Now]-The European Commission (EC) has approved France’s plan for a E... Read More
A Milestone Moment Port Arthur LNG Celebrates One Year of Achievement
03.28.2024 - NEWS
March 28, 2024 [Storage Terminal Magazine]-The groundbreaking ceremony for the Port Arthur LNG Ph... Read More