Pakistan, China sign $1.5 billion MoU in petroleum sector

Pakistan Refinery Limited and a Chinese enterprise have inked a Memorandum of Understanding (MoU) for a $1.5 billion investment in the petroleum sector.

Pakistan China sign MoU in petroleum sector: “On Wednesday in Beijing, the acting prime minister Anwaar-ul-Haq Kakar and the acting minister of energy, Muhammad Ali, signed the Memorandum of Understanding with the United Energy Group of China.”

The arrangement will assist in boosting the refinery’s overall production capacity from its current level of 250 000 metric tonnes to 1.6 million metric tonnes.

Additionally, it will contribute to an increase in high-speed diesel production from 600,000 to 2,000,000 metric tonnes.

The petrol and diesel that you buy from the Pakistan Refinery will help you avoid importing expensive fuel, saving money for the government coffers.

On the fringes of the third Belt and Road Forum, PM Kakar, who is in China to participate, had a “fruitful meeting” with Premier Li Qiang of China.

In order to further advance people-to-people connections, Kakar remarked, “We reaffirmed our enduring friendship, strategic partnership, and commitment to deepen collaboration in the political, economic, education, science & technology, and cultural domains.”

Further, We decided to coordinate our efforts for the upcoming CPEC phase, he remarked.

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