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MoU between PBIT & Grace Refinery

The Punjab Board of Investment and Trade (PBIT) have recently signed a memorandum of understanding (MoU) with Grace Refinery. Grace Refinery is an international petrochemical company. This MoU has been signed for a $5 billion investment for Kot Addu in Punjab. This MoU was signed at the PBIT headquarters.

PBIT was in close contact with the Grace Refinery since past several years. They held continuous meetings and video conferences in order to convince the company for the investment in Punjab. Earlier there was a meeting called at PBIT office in Lahore to make a deal strike.

Under in MoU, the PBIT will be acting as one-window facilitator for Grace Refinery for fast-track facilitation and the compulsory support for ensuring the early commissioning of the project. This board will also accommodate for the acquisition of compulsory licenses and land for entry into the market. The company also intends to introduce the latest Euro-6 standard refinery in Pakistan that would reduce carbon emissions from the fuels. It is yet another initiative towards greener and safer Pakistan.

There are around 220,000 barrels per stream day (bpsd) capacity at the refinery, which would substitute a substantial volume of oil imports and generate around 50,000 to 70,000 direct and indirect employment opportunities in Southern Punjab. Grace Refinery is also negotiating with the crude oil suppliers to have a joint venture to build an oil pipeline to Pakistan. This project requires around 3-5 year but with more investment, it can be done in a much lesser time.

 

Afreen is a young writer and visionary towards life predominantly. I believe that writing is similar to life; it inspires surprises and creates. Being a Literature Masters, I am passionate about viewing the world with literary spectacle. Solely in love with this beautiful part of Universe called Pakistan, I am creating words and ideas for CharchaGuru.

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MoU between PBIT & Grace Refinery

The Punjab Board of Investment and Trade (PBIT) have recently signed a memorandum of understanding (MoU) with Grace Refinery. Grace Refinery is an international petrochemical company. This MoU has bee...