Pakistan to Initiate $10 Billion Oil Refinery Project
The government, with help from the Special Investment Facilitation Council (SIFC), has signed a $10 billion agreement to build a new oil refinery. This project is part of a larger plan to tackle Pakistan’s energy crisis, which has been hindering economic growth.
In addition to the refinery, several projects aim to explore oil and gas reserves along the coast, with expected investments of $5 to $6 billion. These initiatives aim to boost the country’s energy resources and reduce reliance on imports.
The government has also launched a 150-megawatt solar power plant in Sukkur and a one-megawatt solar power plant in Hunza, both developed through Public-Private Partnerships, to promote renewable energy.
The SIFC is focusing on developing hydropower, solar, and wind energy sources instead of traditional coal and furnace oil, emphasizing sustainable and eco-friendly energy generation for the future. This comprehensive strategy aims to secure Pakistan’s energy needs while promoting economic stability and growth.
