Agreement For Investment Of 1.5 Billion Dollars In Pakistan, China, Petroleum Industry

Islamabad (Commerce Reporter, News Reporter, News Agencies) Pakistan and China have signed a memorandum of understanding for investment of one billion and 50 million dollars in the petroleum sector. Caretaker Prime Minister Anwarul Haq Kakar and Caretaker Energy Minister Muhammad Ali were also present at the signing ceremony. A memorandum of understanding was signed between China's United Energy Group and Pakistan Refinery Limited, the investment resulting in gasoline and high-speed diesel from the refinery will not only replace expensive imported fuel but also increase the refinery's total production capacity of gasoline.

The production of high-speed diesel will increase from 2.5 million metric tons to 1.6 million metric tons and from 6 million metric tons to 2 million metric tons. Employment opportunities will be created and economic activities will be promoted. Speaking at the third Belt and Road Forum in Beijing, Caretaker Prime Minister Anwar-ul-Haq Kakar has said that under the Chinese vision of Pakistan's Belt and Road, China and other regional countries will work together to promote relations. Committed to working together with partners, CPEC is a means of development, prosperity, raising the standard of living of the people and creating employment opportunities and lifting the people out of poverty. Reiterating full support for the Belt and Road Initiative,

Pakistan will strengthen communication and cooperation in various fields with China in the new phase of CPEC's high-quality development, new technology in areas such as food security and agriculture. To be introduced, the Pakistan Special Investment Facilitation Council will be further improved to encourage investment by Chinese enterprises, the Caretaker Prime Minister met United Nations Secretary-General Antonio Guterres in Beijing on Wednesday. 

In the meeting, there was a detailed discussion on the situation caused by the ongoing Israeli aggression in Gaza. Anwar Haq met the Prime Minister of Papua New Guinea, James Marape. This meeting was held on the occasion of the 3rd Belt and Road Forum in Beijing. In addition, Chairman STC Group Fang Yulang along with the delegation met caretaker Prime Minister Anwarul Haq Kakar. In the meeting, the Prime Minister told the delegation about the business-friendly policies of the government.