1 Billion Dollars to be invested in deep conversion refinery in Pakistan.
Pakistan soon to have its first ‘deep conversion refinery’ .
The estimated cost of this refinery is going to be 1 billion dollars. It will be done after the orders from the Government. The orders where the government has asked to focus on value-added petroleum products.
A deep conversion refinery will be set up by the Pakistan Refinery Limited (PRL). The notification was recently sent to Karachi stock exchange on Friday.
The refinery will produce a Euro ll quality diesel as it will have a technology upgrade.
Only 2-3 percent of furnace oil is produced by deep conversion refineries at the moment. 30% of furnace oil is being produced by conventional refineries.
Pakistan Refinery Limited has decided to make the investment of 1 billion dollars to comply with the requirement of producing Euro II standard diesel.
The government has announced a policy for the export of furnace oil by domestic refineries in the short to medium term, however, in the long run, the refineries are required to convert into deep conversion facilities
With Saudi investment coming to Pakistan, this one is going to be a good addition to it. The MoU for an oil refinery in Gwadar has been signed.
The one billion dollars deep conversion refinery will be producing more eco-friendly fuels.
The economic activity of one billion dollars in the country will play a major role. It will create many opportunities for other small investors and bring more jobs in the region.