Pakistan to start a $10 billion oil refinery project

The government, with support from the Special Investment Facilitation Council (SIFC), has signed a significant $10 billion agreement to construct a new oil refinery. This project is a key part of broader efforts to address Pakistan’s ongoing energy crisis, a major obstacle to economic growth.

In addition to the refinery, several projects are focused on exploring oil and gas reserves along the coast, with expected investments ranging from $5 to $6 billion. These initiatives aim to enhance the country’s energy resources and reduce reliance on imports.

Furthermore, the government has launched a 150-megawatt solar power plant in Sukkur and a one-megawatt solar power plant in Hunza. Developed through Public-Private Partnerships, these projects underscore the emphasis on renewable energy. The SIFC is prioritizing the development of hydropower, solar, and wind energy sources over traditional coal and furnace oil, highlighting a commitment to sustainable and environmentally friendly energy generation. This comprehensive strategy aims to secure Pakistan’s energy needs while promoting economic stability and growth.

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