Wak Group, a Pakistani conglomerate, and Guangdong Electrical Design Institute (GEDI) have inked an EPC contract to set up a Falcon Oil refinery in KP Pakistan.
Under the $3.58bn contract, the team will engineer, design and construct a modern conversion oil refinery with a capacity of producing up to 100,000 barrels per day.
Wak Group chairman Waqar Ahmed Khan said: “In collaboration with your esteemed organization Falcon Oil is proud to announce the setting up of a world-class oil refinery at Khyber Pakhtunkhawa.
“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.”
China Energy Engineering Corporation vice president Yu Gang said: “CEEC attaches great importance to Pakistan Falcon Oil Refinery Project, which has great significance to the friendship between China and Pakistan.
“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.”
The project is likely to be completed in 30 months once the construction work starts.