BEIJING: The United Energy Group of China and Pakistan Refinery Limited on Wednesday inked a Memorandum of Understanding (MoU) for the investment worth 1.5 billion dollars in the petroleum sector.
Caretaker Prime Minister Anwaar-ul-Haq Kakar and Federal Energy Minister Muhammad Ali were also presented in the ceremony.
Capacity of Petroleum Sector to be Increased
The MoU will help increase the capacity of petrol production of the refinery from 250,000 metric tons to 1.6 million metric tons and high-speed diesel from 0.6 million metric tons to 2 million metric tons.
The high-speed diesel and petrol, processed at the refinery, would prove to be an alternative to the costly imported fuel.
Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy, Muhammad Ali witnessing the signing ceremony of MoU between United Energy Group of China and Pakistan Refinery Limited for investment in the petroleum sector of Pakistan.#PakPMinChina#BRI10Years… pic.twitter.com/J8lXNP2VFJ
— Government of Pakistan (@GovtofPakistan) October 18, 2023
