Govt plans up-gradation of Pakistan Refinery Limited with $1 billion cost.

ISLAMABAD -- The government is planning to upgrade Pakistan Refinery Limited (PRL) with an estimated cost of $ 1 billion aims at achieving self-sufficiency in the refining sector and bringing down the oil import bill.

'We have offered the Chinese government to participate in the PRL up-gradation project, and Chinese companies are interested in it,' official sources told reporter.

At present, they said, around 55 percent needs of diesel and petrol were being met through the import of petroleum products in finished form, while 40 to 45 percent requirements were fulfilled by refining the crude oil at domestic facilities.

The sources said the government was encouraging establishment of new oil refineries and modernizing the existing facilities to meet the country needs indigenously.

Replying to a question, they said the government was working on a multi-faceted strategy to achieve self-sufficiency in the crude oil refining sector. 'Currently, as many as six projects, investment initiatives and proposals in oil refining sector are in pipeline and at different stages to purify around 1.110 million Barrel per Day (BPD) oil.'

Sharing details, the sources said under the strategy an oil refinery and petrochemical complex of 300,000 BPD oil capacity would be set up at Gwadar...