China submits proposal for petrochemical project in Karachi
Lahore [Pakistan],August 17 :China has submitted a proposal to set up a refinery along with a downstream petrochemical complex worth USD 4 billion near Karachi.China has also sumitted requests to the provincial governments of Sindh and Balochistan for 500-1,000 acres of land.The Chinese has asked for land in Karachi since they found rents in Gwadar Free Zone to be too expensive.
Talks on the proposal have been under way for over a year now, but the proposal has begun to take shape with the formal submission of a request for land."Port Qasim does not have enough space for a project of this size," he said. "So they have asked for land a few kilometres away or in the Hub area, which falls in Balochistan, Tufail said. "
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair M. Tufail disclosed after a meeting with the visiting Chinese delegation, led by Li-Jial, Director Tianchen Engineering Corporation (TCC), at the Federation House.
Li-Jial and Tufail agreed in principle to establish and exchange investment missions to further enhance trade relations between the two countries, the Dawn reported.
Tufail said both the provincial governments are interested in this project but would depend on which will facilitate their interests.
Li-Jial speaking on the occasion said that TCC would like to invest in Pakistan to enhance investment opportunities.
"Over the years, China had been extending cooperation in different sectors of the economy in Pakistan and lately there had been a sudden jump in these relations for the mutual benefit of both countries," she added.