Pakistan launches $10 billion oil refinery project

Pakistan’s government, with the support of the Special Investment Facilitation Council (SIFC), has signed a major contract worth $10 billion to build a new oil refinery. The project is part of a larger effort to solve Pakistan’s ongoing energy crisis, which is a major impediment to economic growth. 

The effort is part of the government’s strategy to address the country’s energy problems, which are impeding growth. 

Hence, exploration for oil and gas reserves in the country’s coastal and offshore areas is also being pushed forward as part of the oil sector project. The sector is expected to attract investments of $5 billion to $6 billion. 

In addition, a 150-megawatt solar power plant has been set up in Sukkur, and a 1-megawatt solar power plant in Hunza under a public-private partnership. 

In SIFC, preference will be given to hydro, solar, and wind energy rather than coal and furnaces for energy production. 

In addition to the refinery, there are several projects to explore oil and gas reserves along the coast with expected investments of $5-6 billion. These efforts are geared toward enhancing the country`s electricity sources and lowering dependency on imports. 

The authorities have additionally commissioned a 150-megawatt solar power plant in Sukkur and a 1-megawatt solar power plant in Hunza. Developed via public-personal partnerships, those initiatives underscore a focal point on renewable electricity. 

SIFC prioritizes the improvement of hydroelectric, sun, and wind electricity assets over conventional coal and gas oil, specializing in sustainable, environmentally pleasant electricity manufacturing for the future. This complete method pursues to steady Pakistan`s electricity wishes even as selling financial balance and growth. 

Jenny

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