Chinese Companies Offer to Construct Oil Refinery in Pakistan
A syndicate of Chinese companies has offered to construct an oil refinery in Pakistan in a developmental proposition worth $15 billion.
China Petroleum Pipeline Engineering Company Ltd. (CCP) and the China Zhen Hua Import and Export Corporation are willing to pool $15 billion for the project, the Secretary of the Board of Investment (BOI), Fareena Mazhar, told reporters in a statement.
According to reports, the proposed oil refinery is expected to be established within the next four years.
The refinery will not be built in any of the nine Special Economic Zones (SEZs) appropriated for the China-Pakistan Economic Corridor (CPEC). However, after it is built, the project can get a zone status, and if planned properly, may even receive special tax exemptions and related benefits from the government.
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