| Gwadar: A team of 15 engineers and surveyors have arrived in Pakistan to kickstart work on the Gwadar Oil Refinery, news sources reported on January 16.
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The team belongs to the Chinese firm, the East Sea Group, which will be building the USD 4.5 billion oil refinery in Gwadar for the processing of crude oil. The team will lay the groundwork for Phase 2 of the Gwadar Free Zone. According to the agreement signed between Pakistan and China, the oil refinery project will be constructed in two phases. The first phase will have an annual refining capacity of 5 million tons while the second phase will upgrade the capacity to 8 million tonnes.
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It is important to note that this is one of the two refineries that are scheduled to be set up in Gwadar with the second being developed by the Saudi oil giant ARAMCO will attract an investment of USD 10 billion and will have a total capacity of 250,000-300,000 barrel per day (BPD) oil refining capacity and a USD 1 billion petrochemical complex that will be completed by the year 2025. |
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