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Pakistans conglomerate WAKGROUP has offered a $3.58bn contract to Chinas Guangdong Electrical Design Institute (GEDI) for the construction of a new deep conversion oil refinery in the Khyber Pakhtunkhwa province.
The contract offered for GEDI, an arm of China Energy Engineering Corporation (CEEC), is for the Falcon Oil refinery projects engineering, procurement and construction (EPC).
To be sited in Dera Ismail Khan, the Falcon Oil refinerys production capacity will be up to 100,000 barrels per day of oil. The refinery will aim to process 90% of the imported crude oil through Karachi with 10% local crude oil sourced from various oil wells in Karak district. The subsequent petroleum products produced from the full conversion process will be mainly for sale by meeting the mandated EURO-II specifications.
WAKGROUP chairman Waqar Ahmed Khan stated: This new state-of-the-art oil refining complex will have its independent 100-Mega Watt power generation plant, 3.8 million metric tons storage facilities all across Pakistan and 300 plus kilometers network of oil pipe lines.
CEEC vice president Yu Gang added: As the strong backup for GEDI, CEEC is willing to provide convenience and support while at the same time implement supervision and provide guidance. CEEC and GEDI will insist on the scientific, high efficient, concise and modest philosophy to utilize resources, make technical planning and solution and strictly execute the contract to build the project into a demonstration of China-Pakistan cooperation."
