Pakistan's largest oil refinery unveiled

HUB: Prime Minister Nawaz Sharif Friday inaugurated country's largest oil refinery complex with a crude oil refining capacity of 120,000 barrels per day. The plant will fulfill around 39 per cent of Pakistan’s energy needs cutting down reliance on fuel imports.

The refinery built by the Byco Group has brought in an investment of US 750 million and produce about 1.6 million tons of Fuel oil, 2.4 million tons of diesel, 1.1 millions tons of LPG annually.

Addressing the inauguration ceremony, the PM said his government was committed to sustained availability of fuel and energy supplies in the country to ensure accelerated growth in all areas.

The Prime Minister said the refinery was an appreciable addition to the oil and gas sector, and would go a long way in achieving sustainable productivity and increased profitability.

He said oil and gas are precious natural resources and added that oil-producing countries boast a strong economy.

He said currently, Pakistan required 22 million tons oil, but the country was still short of capacity to refine crude oil. He said it would take time to achieve complete self-sufficiency.

He noted the role of Byco Group in oil refining and said the setting up of the second refinery would help generate employment opportunities and help the country achieve self sufficiency in crude oil refining.

He also appreciated the Abraaj Group for their investment in refinery and invited its head Arif Masood Naqvi to visit him in Islamabad and put forward suggestions and areas where they could make more investment.

Prime Minister Nawaz Sharif said it was his government's vision to make Gwadar a free Port and assured that necessary legislation would be done soon to accord it the status.

He said the Port would be connected through road, rail links to Peshawar and then onwards to Central Asian Republics. He said a beautiful road was being constructed from Gwadar to Chaman, near Quetta, while another option was to link it with Wakhan corridor in Afghanistan, from where it can be connected to the Central Asian Republics.

Prime Minister Nawaz Sharif said it would bring about a sea change in national economy, but also boost the economy of Balochistan, generate numerous employment opportunities and provide inter connectivity with all regions of the country.

He reiterated that the operation in Karachi would continue till the elimination of the last terrorist and said peace was vital in the port city for a booming economy.

He said those involved in the Safora attack in Karachi had been nabbed and said no leniency would be shown towards them who killed innocent people.

He said the terrorists now understood that they had no more room now to manoeuvre and were being cornered.

He said the Zarb-e-Azb operation was going on with success and the hideouts and networks of the terrorists were no more operational.

Prime Minister Sharif asked Finance Minister Ishaq Dar to consider giving more concessions to new industries in taxation to encourage more foreign investment. – APP