( PR4US.com | Press Release | 2018-03-13 18:30:00 )
Balochistan government and Chinese consortium signed a Memorandum of Understanding (#MoU) for another #CPEC project of construction of Petro-Chemical Park at Gwadar costing $46b dollars. This project includes an oil refinery, cement factory, tire factory, supply of water and 1200 mega watt electricity project. Oil refinery would purify 10 million tons, for which a pipeline from #Nawabshah to #Gwadar would be laid, and daily 3 metric tons cement would be produced from factory. 800 mdg water supply would be provided through this scheme, eight hundred job opportunities would be created through this project. Eight thousand heavy duty tires would be produced, surplus can be exported. A latest power plant would be installed through which 1200 mega watt energy would be produced.
Project would be completed in 28 months and consortium include Zel P, Senteno and #SFIC. Chief Minister Balochistan and others participated in MoU signing ceremony last day.
To say Gwadar is sustaining stable growth would be an understatement. #CPEC and this petro-chemical plant project would take the country to new heights of economic development after fully functioning of Gwadar Port, as it would not only increase Pakistan’s revenues and exports but also enhance its foreign exchange reserves. With the establishment of Special Economic Zones along sides the CPEC route, the world’s investors and major companies had now started making investments in Pakistan. This trend would ensure establishment of new industries, which would subsequently help create vast employment opportunities for the educated youth of Pakistan, besides stabilizing the country’s economy.
The CPEC, a flagship project under the Belt and Road Initiative, aims to promote economic cooperation between Pakistan and China. Proposed by Chinese President Xi Jinping in 2013, the initiative aims to create greater trade, infrastructure and people-to-people links between Asia, Europe, Africa.
The best time to invest in Gwadar Port and surrounding areas is now, and initiatives like this Petro-Chemical Park should invoke long term investment hungry investors to take action at the right moment.