Chinese firm East Sea Group Limited (ESGL) plans to establish a 3 million-ton ship-to-ship (STS) oil blending facility at sea space in connection with a $4.5 billion oil refinery project in Gwadar. After the venture materializes, Pakistan will earn $ 20,000 to $ 40,000 annually.
Three million-ton STS oil blending facility will be established solely on the sea surface without any contact or use of the landmass of Gwadar.
The rest of the 5 million-ton oil refinery will be on the land of the Gwadar Free Zone Area (phase II). With the 3 million-ton STS oil blending facility in the first phase and the 5 million-ton oil refinery in the second phase, Hong Kong-based Chinese firm East Sea Group Limited will build up an oil refinery with an annual oil processing capacity of 8 million tons.
The mega plan of the STS oil blending facility was discussed at length in the 45th special urgent meeting of GPA board members. The meeting held at GPA head office Gwadar was participated by GPA board members, COPHC chairman, and ESGL officials.