Beijing (Web Desk): Pakistan and China on Wednesday signed a Memorandum of Understanding (MoU) for investment worth $1.5 billion in the petroleum sector.
The agreement signed between Pakistan Refinery Limited and United Energy Group of China was also witnessed by Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy Muhammad Ali in Beijing.
Under the agreement, petrol and high-speed diesel obtained from Pak Refinery Ltd will not only replace expensive imported fuel but the total production capacity of the refinery will also increase from 250,000 metric tons to 1.6 million metric tons and high speed diesel from 0.6 million metric tons to 2 million metric tons.
The petrol and high speed diesel coming from the refinery would prove to be an alternative of the imported costly fuel.