Islamabad (Commerce Desk) — The proposed Falcon Oils Refinery and Storage Project, costing $3.5 billion in Pakistan, has reached an important institutional stage.
The project, which will be established in the Dhabeji area of Thatta district, has been approved by the China-Pakistan Economic Corridor Secretariat, which has recommended to the Board of Investment that it be presented at a meeting of the Joint Working Group on Industrial Cooperation.
The project could become one of the major industrial investments by the private sector in Pakistan in recent years. The development is also being considered significant in terms of the government’s efforts to increase private investment in the country’s petroleum and energy infrastructure.