In a $15 billion development proposal, a consortium of Chinese corporations has proposed to build an Oil Refinery Plant in Pakistan as part of a larger development project.
Fareena Mazhar, Secretary of the Board of Investment (BOI), informed reporters in a statement that the China Petroleum Pipeline Engineering Company Ltd. (CCP) and the China Zhen Hua Import and Export Corporation are willing to pool $15 billion for the project.
In accordance with current estimates, the projected oil refinery is expected to be operational within the next four years.
None of the nine Special Economic Zones (SEZs) designated for the China-Pakistan Economic Corridor (CPEC) will be used for the construction of the refinery (CPEC). However, once the project is completed, it may qualify for zone designation and, if properly planned, may be eligible for special tax exemptions and other government benefits.
Do you have something to say to the story? Please share it in the comments section below.