Pakistan, China firms sign MoU for $1.5bn investment in petroleum sector
Business
Pakistan, China firms sign MoU for $1.5bn investment in petroleum sector
BEIJING (APP) - The United Energy Group of China and Pakistan Refinery Limited on Wednesday signed a memorandum of understanding (MoU) for an investment worth $1.5 billion in the petroleum sector.
Caretaker Prime Minister Anwaarul Haq Kakar and Federal Energy Minister Muhammad Ali also witnessed the ceremony.
The agreement will help increase the petrol production capacity of the refinery from 250,000 metric tonnes to 1.6 million metric tonnes and high speed diesel from 0.6 million metric tonnes to 2 million metric tonnes.
Both petrol and high speed diesel coming from the refinery would prove to be an alternative of the imported costly fuel.
