Government set to launch $10 billion oil refinery project to combat energy crisis

Concurrently, efforts are underway to explore oil and gas reserves in coastal and marine regions

The government, in collaboration with the Special Investment Facilitation Council (SIFC), has taken a significant step towards tackling the nation’s energy crisis.

According to the Information Ministry, a landmark agreement has been reached to construct a new $10 billion oil refinery within the country.

This strategic move forms a crucial part of the government’s broader strategy aimed at alleviating energy shortages that have been hindering economic growth.

Concurrently, efforts are underway to explore oil and gas reserves in coastal and marine regions through various petroleum sector initiatives, with anticipated investments ranging between $5 to $6 billion.

In addition to these developments, recent strides in renewable energy have been made with the installation of a 150-megawatt solar power plant in Sukkur and a one-megawatt plant in Hunza under Public Private Partnership arrangements.

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These projects underscore a shift towards prioritising hydel power, solar energy, and wind energy under the auspices of SIFC, steering away from reliance on coal and furnace oil for future energy generation.