Prime Minister Shehbaz Sharif has approved setting up an oil refinery in Pakistan that will cost up to $14 billion, Minister of State for Petroleum Musadik Malik announced on Friday.
Addressing a press conference after the meeting of the Cabinet Committee on Energy (CCoE), the minister said that the new refinery would cost between $10 billion to $14 billion and the investment package and policy in this regard has been approved.
He said the government had managed to secure a deal with Russia and will receive the first cargo of Russian crude soon which will result in relief for the public. He added that the Russian crude will also help in reducing the energy crisis in the country.
The minister also announced that the government also decided to stop giving gas to power plants and would instead provide gas to poor households. “We will take back cheap gas from the rich and provide it to the poor,” he added.
Malik further said that the CCoE meeting has also approved a comprehensive energy conservation policy that will help the country conserve energy.