LAHORE: East Sea Group Limited intends to invest $4.5 billion in Pakistan to construct a refinery with an 8 million tonne per year oil processing capacity.
Fang Yulong, CEO of East Sea Group and Senior Vice President of the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI), revealed it at a briefing on Thursday at the PCJCCI Secretariat.
He declared, “We will construct Gwadar Petroleum Storage and Transportation Trading Centre; this project would draw the top oil trading corporations in the world to Gwadar Port.
Fang disclosed that the corporation will bring at least six ships, totaling 2 million tonnes per month, of crude oil to Gwadar Port for blending and trans-shipment.
It will supply oil to significant Middle Eastern oil producers for sales and blending purposes.
The CEO emphasized that the growth of the energy sector was a key driver of the restructuring of the economic system.
The growth of several downstream sectors may be encouraged and ensured, and it will also help to further lower the trade imbalance and build up foreign exchange reserves.
He described Gwadar as “the throat of numerous significant marine routes from Africa, Europe, the Red Sea, the Strait of Hormuz, and the Persian Gulf to East Asia and the Pacific.”
The port has the potential to be a hub for the trade of energy and petrochemicals due to its strategic position near important oil-producing nations and shipping lanes as well as its positive political ties with oil-producing governments.
