Wak Group, Gedi to establish oil refinery in Pakistan
Wak Group and Guangdong Electrical Design Institute (Gedi), have signed an engineering, procurement and construction (EPC) agreement to engineer, design and construct a Falcon Oil refinery at KP Pakistan.
The deep conversion oil refinery has a capacity of producing up to 100,000 barrels per day. The total contract value amounts to approximately $3.58 billion. The project is expected to be completed in 30 months after commencement of work. The infrastructure development on the site will commence soon and the Falcon Oil project will further strengthen the emerging trade and economic cooperation between the two countries.
The landmark agreement was signed by Waqar Ahmed Khan, chairman of Wak Group and Qiao Xubin, vice president of Gedi
Khan highlighted the pertinence of this collaboration in the context of enhanced cooperation between Pakistan and China. "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 tonnes storage facilities all across Pakistan and 300 plus kilometers network of oil pipe lines."
Khan added: "I am hopeful that this great venture will pave the way for further cooperation between our two organisations. It will also strengthen the resolve of the two friendly countries to pursue with optimum passion a shared dream of greater peace, prosperity and progress. The timing and the location of this joint venture is very crucial when viewed in the context of the China Pakistan Economic Corridor, an epoch-making project that is going to be a game changer for the region."
"We are humbled that Wak Group has chosen Gedi to assist them in constructing a state-of-the-art crude processing and transport facility for Pakistan," said Xubin. "In 2016, Gedi contacted with Wak Group for this project. Both parties have made several rounds of negotiations and actively promote the progress of the project. So far we have made good achievement. GEDI will stand at the high starting point, apply high standards, demonstrate high efficiency, carry on our rich EPC contracting experience to build a marble project, to bring power for economic development of Pakistan society and bring benefits to Pakistan and China."