BEIJING – Pakistan Refinery Limited and a Chinese company have signed a Memorandum of Understanding (MoU) for investment worth $1.5 billion in the petroleum industry.
Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy Muhammad Ali witnessed the signing of MoU with United Energy Group of China in Beijing on Wednesday.
The agreement will help increasing the total production capacity of the refinery from existing two hundred fifty thousand metric tons to 1.6 million metric tons.
It will also help increase the production of high-speed diesel from six hundred thousand metric tons to two million metric tons.
The petrol and diesel obtain from the Pakistan Refinery will help cut import of expensive fuel, saving national exchequer.
Earlier, PM Kakar, who is visiting China to attend the 3rd Belt and Road Forum, held a “fruitful meeting” with my Chinese counterpart Premier Li Qiang, on the sidelines of event.
“We reaffirmed our enduring friendship, strategic partnership and commitment to deepen collaboration in the political, economic, education, science & technology and cultural domains and to further promote people-to-people relations,” Kakar said.
“We agreed to synergize efforts for the next phase of CPEC,” he said.
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