ISLAMABAD: Chinese companies are ready to invest $15 billion in Pakistan’s petrochemical industry at the port of Gwadar, the investment promotion agency of Pakistan said on Sunday.
China has in recent years played a key role in developing the deepwater port on the Arabian Sea. Located in the southwestern province of Balochistan, Gwadar is at the heart of multi-billion-dollar China-Pakistan Economic Corridor (CPEC) infrastructure projects that began in 2013.
“Chinese companies would invest in the petrochemical sector in Gwadar, including the project of energy pipeline from Gwadar to China,” Board of Investment (BOI) secretary Fareena Mazhar told the state-run Associated Press of Pakistan.
She added that talks related to the projects were underway, as BOI is working on 50 reforms to create a conducive investment environment and improve the ease of doing business in Pakistan.
Chinese business leaders met Prime Minister Imran Khan in Islamabad last week and reposed their confidence in Pakistan’s “policy support and security,” months after a blast killed nine Chinese nationals working on a CPEC project in northwestern Pakistan.
In a statement after the meeting, Khan’s office said he would hold monthly meetings to “review progress regarding issues faced by Chinese investors.”
Last month, Interior Minister Sheikh Rashid Ahmed announced Pakistan was formulating a strategy to improve the security of Chinese nationals and companies operating in the country.
CPEC has seen Beijing’s pledge over $60 billion for energy and infrastructure projects in Pakistan, central to China’s wider Belt and Road Initiative (BRI) to develop land and sea trade routes in Asia and beyond.
China to invest $15 billion in petrochemical industry at Pakistan's Arabian Sea port
https://arab.news/63p2h
China to invest $15 billion in petrochemical industry at Pakistan's Arabian Sea port
- Investment would include a power pipeline project from Gwadar port to western China
- Pakistan said last month it is formulating a strategy to improve the security of Chinese companies operating in the country
Islamabad launches real-time fuel monitoring system as Iran war rattles oil markets
- Authorities say they will track petrol stocks at 145 stations through City Islamabad app
- Petrol stations in the city are required to upload daily stock data to prevent shortages
ISLAMABAD: Authorities in Pakistan’s capital have launched a digital system to monitor petroleum stocks at fuel stations in real time, and official statement said on Tuesday, as the government steps up oversight of supplies following market disruptions linked to tensions in the Middle East.
The system has been introduced by the Islamabad district administration days after authorities sealed seven petrol stations for refusing fuel to motorists. It will allow officials to track fuel inventories through the “City Islamabad” mobile application, requiring petrol pump operators to upload daily stock details as authorities seek to prevent hoarding and artificial shortages.
The initiative comes days after Pakistan raised fuel prices sharply and authorities across the country launched crackdowns on hoarding amid fears that escalating conflict in the Middle East could disrupt global energy shipments and push oil prices higher.
“Real-time monitoring will ensure that any shortage of petroleum products can be addressed immediately,” Islamabad Deputy Commissioner Irfan Memon said in the statement announcing the system.
The statement noted the new digital tool would enable authorities to track stock levels at 145 fuel stations across Islamabad and monitor transactions through the mobile platform.
Under the system, petrol pump owners must upload daily stock information, while the district administration has released a tutorial explaining how to use the feature.
Authorities warned that failure to upload stock data could result in action against fuel station owners.
Pakistan has tightened monitoring of fuel supplies in recent days after global oil markets were rattled by United States and Israeli strikes on Iran, which raised concerns about possible disruptions to shipping routes in the Middle East, particularly around the Strait of Hormuz, a key corridor for global energy trade.
The government has said it is closely watching domestic supply conditions and international oil markets while taking steps to ensure fuel availability and prevent panic buying.
