First deep conversion refinery planned in Hub

SPEC seeks govt backing for greenfield project that can create 2,000 jobs

ISLAMABAD:

Federal Minister for Commerce Jam Kamal Khan held a meeting with a delegation of SPEC Refinery (Pvt) Ltd, led by its Chairman Zafar Sheikh, to discuss the development of Pakistan's first Deep Conversion Greenfield Refinery Project planned in Hub, Balochistan.

The delegation briefed the minister on the project's progress and highlighted its strategic importance in strengthening Pakistan's energy security, reducing reliance on imported refined petroleum products, and promoting industrial development.

The proposed refinery will employ advanced deep conversion technology capable of maximising the production of high-value petroleum products while processing a wide range of crude oil grades sourced from international markets.

The delegation requested the government's support for facilitating the implementation of the Greenfield Refinery Policy and expediting the issuance of the remaining regulatory approvals required by the FBR for the project's timely execution.

It noted that the project represents a major long-term investment in Pakistan's energy sector and has the potential to catalyse the development of downstream petrochemical industries. It further informed the minister that the groundwork for the project has already commenced and future implementation strategies are currently being finalised.

Chairman Zafar Sheikh underscored that the project is expected to create approximately 2,000 direct and indirect employment opportunities in Hub and the surrounding areas during both its construction and operational phases. He added that the refinery would contribute significantly to regional economic development, skills enhancement, technology transfer, and industrial growth.

Jam Kamal welcomed the investment and emphasised that Pakistan offers immense opportunities for large-scale industrial and energy projects owing to its strategic geopolitical location at the crossroads of South Asia, Central Asia, the Middle East, and Western China.

The minister stated that Pakistan's geographical position, growing domestic market of over 250 million people, expanding trade corridors, and connectivity initiatives provide a strong foundation for transforming the country into a regional hub for trade, energy, logistics, and manufacturing.

"Pakistan possesses tremendous untapped potential in refining, petrochemicals, logistics, and value-added manufacturing. Strategic projects such as the Hub refinery can play a vital role in strengthening industrial capacity, enhancing energy security, creating jobs, and attracting long-term foreign and domestic investment," he said.

The delegation also shared its broader vision for the future development of associated petrochemical facilities, including the production of industrial feedstock and value-added products that could support Pakistan's manufacturing sector and generate additional export opportunities.