In order to boost crude oil refining capacity in Pakistan by around 5%, at least 6 new oil refineries are at different stages of completion. Government is offering ‘unprecedented’ incentives to ensure that the oil sector meetings the growing demands of the people & businesses.
According to a senior official, currently, almost 6 projects and investment initiatives and proposals are in pipeline in the oil refining industry. They are different stages aiming to purify crude of around 1.110 million barrels/day.
The official said, “Cognizant of the ever-growing energy requirements of the country, the government is working on a multi-faceted strategy to accelerate oil and gas exploration activities in potential areas, besides achieving self-sufficiency in the crude oil refining sector.”
Furthermore, the official revealed that the government is working to upgrade the present oil refineries and develop new deep conversion facilities to meet the fuel requirements of Pakistan.
Adding, “Unprecedented incentives package is in place for setting up new deep conservation oil refineries, enabling them to import machinery, vehicles, plants and equipment and other materials.”
In Gwadar, an oil refinery and petrochemical complex of oil capacity of 300,000 barrels/day will be set up. A coastal refinery of 250,000 barrels per day will be set up in Hub by Pak Arab Refinery (Parco). Gwadar Refining and Industrial Park will be set up by Sino Infrastructure Hong Kong Oriental Times Corporation.
Similarly, an oil refinery with 40,000 barrels per day will be set up in Dera Ismail Khan by Falcon Oil Private Limited and 20,000 BPD oil refinery will be established by Khyber Refinery Limited in Kohat.