Pakistan has entered into an agreement with a Chinese language agency to construct an oil refinery close to Kohat, Radio Pakistan reported.
The state information company, quoting sources within the Khyber Pakhtunkhwa Oil and Gasoline Firm Restricted, mentioned that a memorandum of understanding has been signed with the nation.
The oil refinery is to be built over land of 200 acres land and will value $300 million over four years, added Radio Pakistan.
The refinery will produce 15,000 barrels of oil per day when accomplished.
In May, Pakistan and China signed a sequence of agreements in Beijing for cooperation in different sectors.
Three agreements pertaining to economic and technical cooperation value three.Four billion Yuan for Gwadar port and East Bay expressway were signed, in accordance with media reviews.
Memorandums of Understanding (MoUs) related to cooperation within the framework of the Silk Road Financial Belt and the twenty first century Maritime Silk Highway initiative, upgrading the main railway line track ML-I, and the institution of Havelian Dry Port had been also signed.
Pakistan additionally signed a MoU with China’s e-commerce big Alibaba Group on Might 16. Federal Minister for Commerce Khurram Dastagir inked the MoU from Pakistan’s side, whereas Prime Minister Nawaz Sharif was a witness to the ceremony.