East Sea Group Limited keen to invest US $4.5 billion in Pakistan: Fang Yulong; Senior Vice President, PCJCCI - Press Release issued by Pakistan China Joint Chamber of Commerce and Industry.

Lahore -- October 27, 2022 (PPI-OT)

Following is the text of press release issued by Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)

Quote

Mr. Fang Yulong, Senior Vice President of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) and CEO of East Sea Group Limited has planned to invest US $4.5 billion to build a refinery plant with an annual refining capacity of 8 million tons in Pakistan. It was disclosed by him during a briefing at think tank session of PCJCCI today at PCJCCI Secretariat.

He said, "we will build an international Gwadar Petroleum Storage and Transportation Trading Center. He further added that, this project will attract the world's major oil trading companies and oil companies to Pakistan Gwadar Port, we will place at least 6 ships of crude oil for blending and transshipment operations with a total of 2 million tons per month at the Gwadar port in Pakistan, it will provide oil to major oil-producing countries in the Middle East of oil transfer, STS and blending services.

Mr. Fang stressed that the development of energy industry is an important catalyst for the transformation of economic structure. It can not only stimulate and guarantee the industrial development of various downstream industries, but also further reduce the trade deficit and increase foreign exchange income reserves in Pakistan. He added that Gwadar is the throat of several important maritime routes from Africa, Europe, the Red Sea, the Strait of Hormuz, and the Persian Gulf to East Asia and the Pacific.

Its strategic location close to major...