Petroleum Division is trying to include $20 billion petrochemical and industrial park in the coming meeting of Joint Energy Working Group (JEWG) of Pakistan and China. Established under the CPEC, inclusion of a refinery at Gwadar is also strengthened to be included in the meeting agenda. As per the forwarded written letter to the Board of Investment and CPEC Authority by the Petroleum Division, The whole domain has rolled head to toe
to set up stable and sustainable infrastructure for oil and gas sector in Pakistan. In the light of recent data revealed by the division, the consumption of petroleum products has increased due to growth in economy and population. Furthered more, it is strongly expected that dependence on oil and gas is subjected to increase as the country’s infrastructure continues to heavily rely on petroleum based products. The country is also importing large quantities of refined petroleum products due to insufficient local refinery capacity. There is a need for setting up new refineries to reduce import of refined products. However, Board of Investment had shared a proposal of M/s SIOT-CENTINCO, a consortium of Chinese companies intended to invest about $ 20 billion for establishment of a Petrochemical & Industrial Park near Gwadar. The consortium had asked for support to include the project under the CPEC Framework without any obligation or guarantees from the Government of Pakistan. The request of SIOT and CENTINCO has time and again been taken up by the Petroleum Division (Development Wing) at different forums for inclusion in CPEC portfolio. As Petroleum Division fully supports investments in the oil and gas sector under CPEC, the matter has been delayed without any guarantees for uplifting of its products or sovereign being provided by the Government.
