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Pakistan will see $10bn investment in refinery sector 'very soon': Musadik Malik

  • Says its details cannot be shared at the moment, pitches Pakistan as 'investment-friendly' country
Published May 25, 2023

Minister of State for Petroleum Musadik Malik on Thursday said that an investment of $10 billion in the refinery sector will come ‘very soon’ in Pakistan.

“Very soon, Prime Minister Shehbaz Sharif will inaugurate a $10 billion investment, the details of which cannot be shared at the moment,” said Malik, while addressing a ceremony.

The remarks come after the incumbent government approved a new refinery policy, which aims at incentivizing greenfield investment.

“Looking at our population, we need a GDP growth of 5% on a sustainable basis. To achieve this growth we require 7.5-10% growth in the energy sector every year,” he maintained.

The minister said the government would ink a comprehensive energy agreement, with countries including Central Asian states and Russia.

“The comprehensive energy security agreement will be presented to the public by the end of this year.

“Secondly, we also want to utilize our historic ties with the GCC (Gulf Cooperation Council) countries and reshape them into trade and commerce. We want to meet our energy needs including LNG and petroleum products from these countries,” he said.

Malik said the government intends to open energy corridors with Central Asia, and another with the GCC countries.

The state minister said that the purchase of crude from Russia is a “steel mill moment”, which will change the shape of Pakistan.

“Cheap energy would lead to industrial proliferation in the country. We want to establish small industrial areas in our rural regions for value addition,” the minister said.

Malik said there are many countries that cannot afford to have certain kinds of industries because their factor input cost-labour cost has increased exponentially.

“We would like to present Pakistan as a country that has the infrastructure, labour force and technology,” he said.

Talking to media persons, the minister said that the government is enhancing its enforcement on border areas to curb oil smuggling from Iran. “In the coming days the flow of smuggled oil will reduce,” he said.

On Wednesday, Malik during an off-camera meeting with media persons announced that the vessels carrying 0.1 million tons of discounted Russian oil will arrive at Pakistan’s ports in the first week of June and is part of the energy security plan of the government.

“Russian cargo carrying 100,000 tons Urals will reach Oman port on May 26-27 where oil in small vessels will be transported to Pakistan in seven to 10 days,” the minister said. The transportation will cost more but not by much, he assured.


Comments are closed.

Parvez May 25, 2023 02:10pm
Whatever he's smoking....he should stop right away.
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Jani Walker May 25, 2023 02:23pm
I want to know what he had for lunch? The man is high & spinning dreams. Who will invest 10 billion dollars in a country on the verge of default? Laughable.
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Bushra May 25, 2023 02:29pm
What A Bunch of Jokers
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Tulukan Mairandi May 25, 2023 02:42pm
IMF bailout was also supposed to be very soon. But we are staring at default very soon. Hahaha
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shut your filthy mouth May 25, 2023 02:47pm
Look at this clown, someone shut his filthy mouth up. If i had an FDI dollar for every time someone said "very soon", i could buy Avenfield property 10 times over
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Maaz May 25, 2023 03:11pm
Sir, Ur currently established refineries are struggling. Both PRC and PARCO asked Govt to stop smuggled oil, it is quite surprising if new refineries will be set up when existing are struggling.
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Sohail May 25, 2023 03:17pm
in se kaho bhai nasha karna chor dain....
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Nadeem Shahryar May 25, 2023 03:36pm
This 10 billion USD investment news is on for the last 30 years and every Govt since have taken it upon itself to announce this feel good news. This implies 10b usd investment or a loan to build a refinery. Then we would require 10 b USD every year to buy oil to run this refinery which we do not have. We don’t have FE and we don’t have Oil. What we have is Coal. My dear Musaddiq Sahib let us be realistic and build a Coal refinery instead to produce Diesel, Gas, LPG and other energy chemicals.
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test May 25, 2023 03:44pm
7.5-10% growth in the energy sector is a bad idea especially if it is linked to petrochemicals because the world is already shifting away from fuel and moving towards green economy but if 7.5-10% growth is linked with industrial production and industrial exports then it is good and even if this growth is in agricultural production then it is good but growth in energy sector is bad especially if it is petrochemicals. Also Govt has to note one thing "The investment must be in Chinese Yuan instead of dollars". China is our largest trading partner and we need more Yuan to carry out trade with China because our trade with China stands with 25-27 billion dollars. Even our petrochemical deals should be carried out in Yuan this way the pressure will be released from dollar and more people will buy yuan from the open market. Also Pakistan should buy Chinese bonds because this way the Yuan will become stronger and dollar become weaker in Pakistan.
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Truthisbitter813 May 25, 2023 04:04pm
Nice to see the paid trolls are out and about. Anyway, Pakistan needs a properly progressive energy plan, we need sustainable energy sources such as wind, solar, geothermal as well as hydel wherever possible. Fossil fuels should only form a transitional part of the energy security plan and Pakistan should avoid getting tied down into decades-long contracts that would surely become onerous in the future.
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Tahir Alvi May 25, 2023 04:30pm
Next 6-7 years, IA touch a 35 Crore Population. When people don't have anything to do, they increase population and births. We need to put our men and women to work so that they could produce something else than new births. 10 billion is not a big deal, as China already invest 67 billion USD.
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Muhammad Waseem May 25, 2023 04:44pm
@Tulukan Mairandi, Man you really start doing something productive with your time. or you are one of those over a billion useless indians, who brage on the work of remaining Indians of past 5,000 years?
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Jay May 25, 2023 04:45pm
After Dar blunder this dude is launched to fool people! Priceless!
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Jay May 25, 2023 04:46pm
Look at the confidence of these morons!
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Kamran May 25, 2023 05:26pm
Where refinery will be located Gwarder ?
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Yogesh(India) May 25, 2023 05:38pm
Putting a refinary of 10 billion dollars is not a big deal.Challenge is to run it profitably. Otherwise it will become dead investment.
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Az_Iz May 25, 2023 05:38pm
NS used to talk up the Saindik copper and Chinoit iron ore deposits as game changers. IK used to talk about $20 billion investment in refineries. A $3 billion investment in Karachi real estate , tourism potential and so on. Now these guys are doing the same.
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Az_Iz May 25, 2023 05:41pm
You guys talked about extending the railway line to Thar coal fields. A mere 100 KM line hasn’t even gotten started. And you are onto the next project. This is called getting things done at SS speed.
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Abdullah May 25, 2023 05:48pm
sasta nasha
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Mubashir Munir May 25, 2023 06:48pm
Very good news,the refinery will be invested by China and Saudi Arabia and in Hub as both China and Saudi Arabia will invest and make profit from selling it's products in Pakistan as we do not have to import petrol and Diesel at high prices and we also do not need dollars for import so it is benefitting Pakistan China and Saudi Arabia as nobody invests without benefit
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Allahbachaya May 25, 2023 07:03pm
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KhanRA May 25, 2023 07:14pm
Saudis have been promising a $10billion refinery project for years.
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Maqbool May 25, 2023 07:16pm
I don’t think we have any Refinery’s that can proceeess Russian Crude, ours are to process Light Irani or Saudi crude. One can add a small amount of Russian crude into your present mix . The typical problem of non technical ministers who know it all. He should ask the Petroleum institute for advice, we have a very knowledgeable group of people in Oil and Gas. Let’s just Hope the 10 billion isn’t just another election stunt . Billions of dollars of petroleum products just drive across the porous border , so why setup a Refinery in this country ?
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Aamir Latif May 25, 2023 08:35pm
Nothing moves in this country, hearing this since 2006 when PARCO was given approval of $1.6bn Coastal Refinery of 10MTPA probably... GoP has 60% share and why this Refinery project is stalled by PARCO since 2020, they had started work on Front End Engineering Development.... GoP is different times keeps on announcing Refinery either by China, KSA, or UAE but all illusions Instead minister should focus on current old refineries that need upgrade or else closure as a first step.. These announcement are mere propaganda only.. Is minister not concerned a Refinery costing $1.6bn in 2006 is now with a replacement costing $10bn.... Simply payehetic.
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Aamir Latif May 25, 2023 08:36pm
@Maqbool, Ural crude from Russia which is light crude like our local crude can be processed as a mix since our refineries are designed for heavy Arabian crude
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Mohammed May 25, 2023 08:41pm
@Tulukan Mairandi, true bruh
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Asadullah KHAN May 25, 2023 10:04pm
Saudi Arabia also deposited USD2Bn within (7-10) working days, hahahaha
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Ather hakim Goreja May 25, 2023 10:36pm
اسلام علیکم الحمدللہ مجھے ہر اس شخص کے ایک ایک لفظ پر یقین ہے جو میرے وطن کی ترقی اور خوشحالی کی بات کرتا ہے۔ مدد کوئی ملک یا دوست نہیں کرتا مدد و نصرت صرف اللہ سبحان تعالٰی کی ذات اقدس کرتی ہے۔ اگر اللہ سبحان تعالٰی کی رحمت سے سعودی عرب اور ایران قریب آسکتے یے تو پاکستان سرمایہ کاری کیوں نہیں آسکتی۔ دنیا تو ہر دوسرے سال خدانخواستہ پاکستان کو ڈیفالٹ کرتی ہے۔ اللہ سبحان تعالٰی کی رحمت سے پاکستان آج بھی قائم ہے اور انشاءاللہ قائم رہے گا۔ ہمارا کام اللہ سبحان تعالٰی کی خوشنودی حاصل کرنا اور اپنے ذمہ کا کام ذمہ داری سے کرنا ہے۔
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Rebirth May 25, 2023 11:21pm
Its Saudi Arabia. They were going to go ahead with this deal a few years ago but what made them stop? Some geopolitical shenanigans by democracy charlatans, who turned the entire West Asia and North Africa region upside down. If their January 6th insurrection or the countless elections in Britain and Israel are examples of democracy, then no thank you. The failed Turkey, Malaysia and Pakistan project ruined this investment. It was supposed to have been Turkey, Pakistan and Iran. We all know how democratic they think Iran is these days. The Qatar and Iran shared gas field didn’t help influence Iran to stop helping the so-called Russian bear make it’s way to the warm waters of the Gulf. In fact, Qatar signed deals to sell LNG, their preferred Exxon Mobil alternate, to the Chinese in Yuan. But how did any of these things help us? We didn’t get the Saudi investment in refineries, even when they have the sweetest crude and neither did we get Iranian gas without wasting dollars as the Turks.
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Rebirth May 25, 2023 11:22pm
The typical response of American social media trolls, who are probably getting paid in opioids: What are you talking about? Its all in your head. What are your plans? Are you discussing politics, Moslem?
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Farhan May 25, 2023 11:39pm
Investment of $10 billion in the refinery sector will come ‘very soon’ in Pakistan, details of which cannot be shared at the moment,” said Malik So what is the purpose to share this News?? R u minister?? U r not authorized to provide details on it to the people by whom u r serving as public servant
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Asad Ali May 26, 2023 02:03am
Hope is the last thing that ever dies and unfortunately we are hopeless now
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Rizwan May 26, 2023 07:34pm
@Farhan public servant?. Hahahaha. You are so naïve and innocent. They think we are their servants
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Rizwan May 26, 2023 07:39pm
Unfortunately this country has come to a point where ever you see it stinks of pessimism and hopelessness. Comment section for example. But still I am hopeful that we will make it out of this and that this fabulous investment will come to Pakistan once PTI has disintegrated or even better banned and political uncertainty has vanished and investors are not afraid anymore.
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Rizwan May 26, 2023 07:51pm
People in the comments section need to fix themselves first. They have no reason to talk pessimistic nonsense about Pakistan's economy from their comfortable rooms. You are not struggling so zip it there are people out there whose financial struggles are real not yours.. And Indian trolls with fake names f. You!
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Rizwan May 26, 2023 09:05pm
@Farhan aap khain to aapka public naukar Musadik Malik aapke charno main beth kar state secrets bhi share kare, public ke servant jo thhere
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Joe May 27, 2023 12:02pm
@Jay, Paindoo confidence has no limits!
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Mujib May 27, 2023 11:30pm
@Ather hakim Goreja, A Rs 30K comment?
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Ali May 29, 2023 05:31pm
Haha what a joke... we really don't have skilled labour , infra nor the technology... we are going to default and beg ...beg beg beg !!!
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