On Wednesday, the Pakistan Refinery Limited (PRL) and the United Energy Group of China (UEG) signed a memorandum of understanding (MoU) for investment worth $1.5 billion in Pakistan’s petroleum sector,
According to the Prime Minister’s Office (PMO) the development was made specially to cut countries reliance on costly imported fuel to ward off its energy crisis.
The MoU was signed between the two firms during the ongoing 3rd Belt and Road Forum in Beijing. Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar and representatives from many developing countries, notably from Latin America and Africa, are in China to attend the two-day conference which concludes on Wednesday.
The MoU will help increase the petrol production capacity of the refinery from 250,000 metric tons to 1.6 million metric tons and high-speed diesel from 0.6 million metric tons to 2 million metric tons.
The petrol and high-speed diesel, processed at the refinery, would prove to be an alternative to the costly imported fuel.
