What's new

Chinese group to invest $4.5bn to build refinery in Gwadar: PCJCCI

etylo

SENIOR MEMBER
Joined
Nov 9, 2021
Messages
5,198
Reaction score
-23
Country
Canada
Location
Canada

Chinese group to invest $4.5bn to build refinery in Gwadar: PCJCCI​



October 28, 2022




Fang Yulong, Senior Vice President of the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) and CEO of East Sea Group Limited has planned to invest US 4.5 billion dollars to build a refinery plant with an annual refining capacity of eight million tons in Pakistan. This was stated by him during a briefing at think tank session of PCJCCI on Thursday at PCJCCI Secretariat. Fang stressed that the development of energy industry is an important catalyst for the transformation of economic structure.

LAHORE: Fang Yulong, Senior Vice President of Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) and CEO of East Sea Group Limited has planned to invest US 4.5 billion dollars to build a refinery plant with an annual refining capacity of eight million tons in Pakistan.

This was stated by him during a briefing at think tank session of PCJCCI on Thursday at PCJCCI Secretariat.

He said: “We will build an international Gwadar Petroleum Storage and Transportation Trading Center. This project will attract the world’s major oil trading companies and oil companies to Pakistan and we will place at least six ships of crude oil for blending and transshipment operations with a total of two million tons per month at the Gwadar port in Pakistan. It will provide oil to major oil-producing countries in the Middle East of oil transfer, STS and blending services.”

Fang stressed that the development of energy industry is an important catalyst for the transformation of economic structure. It can not only stimulate and guarantee the industrial development of various downstream industries, but also further reduce the trade deficit and increase foreign exchange income reserves in Pakistan.

He added that Gwadar is the throat of several important maritime routes from Africa, Europe, the Red Sea, the Strait of Hormuz, and the Persian Gulf to East Asia and the Pacific. The strategic location close to major oil-producing countries and shipping routes and good political relations with oil-producing countries make Gwadar a potential energy and petrochemical trade center. The establishment of an international Gwadar Petroleum Storage and Transportation Trading Center will bring more powerful support conditions to ensure the diversity, convenience and safety of Pakistan’s energy supply, which will not only further enhance Pakistan’s international influence, but also support the sustainable development of the national economy.

In his closing remarks he said that East Sea Group Limited has great shipping capabilities and rich experience in oil products blending, transshipment and barge operation.

Gwadar’s excellent deep-water port and favorable geographical location, as well as Pakistan’s good and close government relations with surrounding oil-producing countries will definitely add value to this project.


 
This makes business sense...China will buy the discounted OIL from Iran and (Russia via Iran)..Refines the oil into oil products next door in Gwadar refinery, Can sell some of the products to Pakistan and the rest exports to anyone who needs oil products (no more bothered by US sanctions BS because PAK is using Chineas oil made in Chines plant..China makes money (lots of it) , PAK get a plant and jobs and oil products( no transportation surcharge) , Iran and Russia sell their sanctioned oil..Every one happy:-)..US will cry!:p:
 
This makes business sense...China will buy the discounted OIL from Iran and (Russia via Iran)..Refines the oil into oil products next door in Gwadar refinery, Can sell some of the products to Pakistan and the rest exports to anyone who needs oil products (no more bothered by US sanctions BS because PAK is using Chineas oil made in Chines plant..China makes money (lots of it) , PAK get a plant and jobs and oil products( no transportation surcharge) , Iran and Russia sell their sanctioned oil..Every one happy:-)..US will cry!:p:

the saudis will crack the whip in case pakistan gets iranian oil
 
What is the progress, as news is six month old, they say plan to build, will take five years minimum to get approval, permits, studies, initial design, final design, construction, commissioning etc, etc.
 
You May Want To Read The News


"could" and actual investment are a long way off

What makes you think China's truce between Saudis and Iranians will hold ?

Look no further than your own history
 

Pakistan Affairs Latest Posts

Back
Top Bottom