Jam, SPEC Refinery discuss Hub greenfield project progress

ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan, on Wednesday held a meeting with a delegation of SPEC Refinery (Pvt) Ltd, led by its Chairman Zafar Sheikh, to discuss the development of Pakistan’s first deep conversion greenfield refinery project with a financing of USD 4.5 billion at Hub, Balochistan.

The delegation briefed the Minister on the project’s progress and underscored its strategic importance in enhancing Pakistan’s energy security, reducing dependence on imported refined petroleum products, and promoting industrial development.

The proposed refinery will utilise advanced deep conversion technology aimed at maximising the production of high-value petroleum products while processing a wide range of crude oil grades sourced from international markets.

During the meeting, the delegation sought government support for the effective implementation of the Greenfield Refinery Policy and requested expedited issuance of the remaining regulatory approvals from the Federal Board of Revenue (FBR) to ensure timely execution of the project.

The delegation noted that the project represents a major long-term investment in Pakistan’s energy sector and has the potential to catalyse the development of downstream petrochemical industries. It further informed that groundwork for the project has already commenced, while implementation strategies are being finalised.

Chairman Zafar Sheikh informed the Minister that the project is expected to generate around 2,000 direct and indirect employment opportunities in Hub and adjoining areas during both construction and operational phases. He added that the initiative would significantly contribute to regional economic development, skills enhancement, technology transfer, and industrial growth.

Welcoming the investment, the Minister emphasised that Pakistan offers vast opportunities for large-scale industrial and energy projects, given its strategic location at the crossroads of South Asia, Central Asia, the Middle East, and Western China.

He said Pakistan’s geographic position, coupled with a domestic market of over 250 million people, expanding trade corridors, and connectivity initiatives, provides a solid foundation for transforming the country into a regional hub for trade, energy, logistics, and manufacturing.

“Pakistan possesses tremendous untapped potential in refining, petrochemicals, logistics, and value-added manufacturing. Strategic projects such as the Hub refinery can play a vital role in strengthening industrial capacity, enhancing energy security, creating jobs, and attracting long-term foreign and domestic investment,” the Minister stated.

He reaffirmed the government’s commitment to facilitating investments that drive economic growth, industrial modernisation, import substitution, and export expansion.

The delegation also shared its broader vision for developing associated petrochemical facilities, including the production of industrial feedstocks and value-added products to support the manufacturing sector and generate export opportunities.

Both sides agreed on the need for continued public-private collaboration to accelerate industrial investment and unlock Pakistan’s economic potential.

The meeting concluded with a shared commitment to advancing strategic projects that promote sustainable growth, employment generation, and national economic development.

Copyright Business Recorder, 2026