Federal Minister for Commerce Jam Kamal Khan held a meeting with a delegation from SPEC Refinery (Pvt) Ltd, led by its Chairman Zafar Sheikh, to discuss the development of Pakistan's first Deep Conversion Greenfield Refinery Project in Hub, Balochistan. The delegation provided an update on the project's progress and emphasized its strategic importance in strengthening the country's energy security, reducing dependence on imported refined petroleum products, and fostering industrial growth.
Advanced Technology for Maximum Output
The proposed refinery will utilize state-of-the-art deep conversion technology, which maximizes the production of high-value petroleum products while processing a diverse range of crude oil grades sourced from international markets. This technology is expected to enhance efficiency and output compared to conventional refineries.
Government Support Sought
The delegation requested the government's assistance in implementing the Greenfield Refinery Policy and expediting the remaining regulatory approvals required by the Federal Board of Revenue (FBR) for the project's timely execution. They highlighted that the project represents a significant long-term investment in Pakistan's energy sector and has the potential to catalyze the development of downstream petrochemical industries.
It was further noted that groundwork for the project has already commenced, and future implementation strategies are being finalized. Chairman Zafar Sheikh underscored that the project is expected to create approximately 2,000 direct and indirect employment opportunities in Hub and surrounding areas during both construction and operational phases. He added that the refinery would contribute to regional economic development, skills enhancement, technology transfer, and industrial growth.
Minister Welcomes Investment
Federal Minister Jam Kamal Khan welcomed the investment and highlighted that Pakistan offers immense opportunities for large-scale industrial and energy projects due to its strategic geopolitical location at the crossroads of South Asia, Central Asia, the Middle East, and Western China. He stated that the country's geographical position, growing domestic market of over 250 million people, expanding trade corridors, and connectivity initiatives provide a strong foundation for transforming Pakistan 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 said.
Future Vision for Petrochemicals
The delegation also shared its broader vision for the future development of associated petrochemical facilities, including the production of industrial feedstock and value-added products that could support Pakistan's manufacturing sector and generate additional export opportunities. This aligns with the country's goals of economic diversification and increased industrial output.
