LAHORE, Oct 28(ABC): Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Senior Vice President and East Sea Group Limited CEO Mr. Fang Yulong said on Thursday that his Group had planned to invest US $4.5 billion to build a refinery plant with an annual refining capacity of eight million tons in Pakistan.
He disclosed this in a think-tank session here at PCJCCI Secretariat. He said, “We will build an international Gwadar Petroleum Storage and Transportation Trading Center. This project will attract the world’s major oil trading companies to Pakistan Gwadar Port, we will place at least six ships of crude oil for blending and transshipment operations with a total of two million tons per month at Gwadar port. It will provide oil to major oil-producing countries in the Middle East of oil transfer, STS and blending services.”
Mr. Fang stressed that the development of energy industry was an important catalyst for the transformation of economic structure. It could not only stimulate and guarantee the industrial development of various downstream industries but also further reduce the trade deficit and increase foreign exchange income reserves in Pakistan.
He added that Gwadar was the throat of several important maritime routes from Africa, Europe, the Red Sea, the Strait of Hormuz, and the Persian Gulf to East Asia and the Pacific. Its strategic location close to major oil-producing countries and shipping routes and good political relations with oil-producing countries made Gwadar a potential energy and petrochemical trade center. The establishment of an international Gwadar Petroleum Storage and Transportation Trading Center would bring more powerful support conditions to ensure the diversity, convenience and safety of Pakistan’s energy supply, which would not only further enhance Pakistan’s international influence but also support the sustainable development of the national economy, he added.
In his closing remarks, he said that East Sea Group Limited had great shipping capabilities and rich experience in oil products blending, transshipment and barge operation. Gwadar’s excellent deep-water port and favorable geographical location, as well as Pakistan’s good and close government relations with surrounding oil-producing countries would definitely add value to this project, he added.