PM unveils Pakistan’s largest oil refinery

 Prime Minister Nawaz Sharif on Friday said that his government was committed to sustained availability of fuel and energy supplies in Pakistan to ensure accelerated growth in all areas.

He was addressing the inauguration of country's largest oil refinery complex with a crude oil refining capacity of 120,000 barrels per day, fulfilling around 39 per cent of country's energy needs and cutting down reliance on fuel imports. The refinery built by the Byco Group has brought in an investment of US 750 million and produce about 1.6 million tons of Fuel oil, 2.4 million tons of diesel, 1.1 millions tons of LPG annually.

The prime minister said that the refinery was an appreciable addition to the oil and gas sector, and would go a long way in achieving sustainable productivity and increased profitability. He said that oil and gas were precious natural resources and added that oil-producing countries boast a strong economy.

He said currently, Pakistan required 22 million tons oil, but the country was still short of capacity to refine crude oil. He said that it would take time to achieve complete self-sufficiency. He noted the role of Byco Group in oil refining and said the setting up of the second refinery would help generate employment opportunities and help the country achieve self sufficiency in crude oil refining.

The prime minister also appreciated the Abraaj Group for their investment in refinery and invited its head Arif Masood Naqvi to visit him in Islamabad and put forward suggestions and areas where they could make more investment. He said that it was his government's vision to make Gwadar a free Port and assured that necessary legislation would be done soon to accord it the status.

He said the Port would be connected through road, rail links to Peshawar and then onwards to Central Asian Republics. He said a beautiful road was being constructed from Gwadar to Chaman, near Quetta, while another option was to link it with Wakhan corridor in Afghanistan, from where it can be connected to the Central Asian Republics.

Prime Minister Nawaz Sharif said that it would bring about a sea change in national economy, but also boost the economy of Balochistan, generate numerous employment opportunities and provide inter connectivity with all regions of the country. He reiterated that the operation in Karachi would continue till the elimination of the last terrorist and said peace was vital in the port city for a booming economy.

He said that those involved in the Safora attack in Karachi had been nabbed and said no leniency would be shown towards them who killed innocent people. He said that the terrorists now understood that they had no more room now to manoeuvre and were being cornered.

He said that the Zarb-e-Azb operation was going on with success and the hideouts and networks of the terrorists were no more operational. Nawaz asked Finance Minister Ishaq Dar to consider giving more concessions to new industries in taxation to encourage more foreign investment.