Pakistan to launch $10bn oil refinery project amid energy challenges

MG News | June 25, 2024 at 11:02 AM GMT+05:00

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June 25, 2024 (MLN): To overcome the energy crisis in the country, the government with the support of the Special Investment Facilitation Council (SIFC) signed an agreement for the establishment of a new oil refinery worth $10 billion in the country, according to the Information Ministry.

This initiative is part of the government’s strategy to address energy problems in the country, acting as a constraint to growth.

Accordingly, exploration of oil and gas reserves in coastal and marine areas of the country is also underway through petroleum sector projects with an expected investment of $5 to $6 billion in the sector.

Moreover, a 150-megawatt solar power plant has also been installed in Sukkur while a one-megawatt solar power plant has been established in Hunza under Public Private Partnership.

Under the SIFC, hydel power, solar energy and wind energy are being prioritized for energy generation instead of coal and furnace oil.

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