ISLAMABAD: American multinational company Chevron has invested $30 million to set up an automated lubricants blending plant in Pakistan, the petroleum ministry announced on Thursday, terming such investments as vital for economic growth.
Chevron is a US energy and petroleum corporation, considered one of the largest oil companies in the world. The head of the company’s Pakistan chapter, Ahmad Zahid, met Pakistan’s Petroleum Minister Ali Pervaiz Malik. The two discussed the corporation’s ongoing operations and future plans in Pakistan, the petroleum ministry said in a statement.
“Mr. Zahid apprised the Minister that Chevron, a leading US-based multinational oil company, has recently invested $30 million to establish a state-of-the-art, fully automated lubricants blending plant in Pakistan,” the statement said.
Zahid said the investment showcases Chevron’s long-term commitment to Pakistan. The Chevron official said his company was currently selling approximately 70 million liters of high-quality lubricants per annum in Pakistan, serving a wide range of industrial and automotive customers.
Malik welcomed the investment, commending the company’s confidence in the Pakistani economy and its role in enhancing the country’s oil sector with advanced technology and international standards.
“The Government of Pakistan is committed to providing a conducive environment for businesses to thrive,” Malik was quoted as saying by the ministry.
He assured full support and facilitation to Chevron, noting that such investments are vital for economic growth, technology transfer, and creating employment opportunities.
Pakistan has been eyeing foreign partnerships with different countries and their companies, particularly those in the US, in mines and minerals, cryptocurrency and oil and gas sectors.
The South Asian country hopes to bolster its fragile $350 billion economy through lucrative partnerships with foreign governments and multinationals as it hopes to wiggle out of a prolonged macroeconomic crisis.
