(MENAFN- Tribal News Network) August 23, 2017
DERA ISMAIL KHAN, 23 August: Former senator Waqar Ahmed Khan has signed an agreement with Chinese investors for setting up an oil refinery in Dera Ismail Khan.
The agreement was signed in Dubai under which an oil exploration and refinery, Falcon will be established in Yarak area, situated few kilometres away from the China Pakistan Economic Corridor (CPEC) route. Waqar Ahmed Khan said the refinery will have the capacity of converting one lakh barrels of crude oil into refined oil. The former senator said Pakistan currently has 10 days of oil storage capacity. He said this capacity will reach 45 days after establishment of this huge oil refinery which will be a big boost for the country. The project is expected to complete in 30 months after its commencement.
Mr Waqar said 10,000 people will get jobs in the refinery. He said production of 100 megawatts electricity is also part of the project. He said 10 percent profit of the oil refinery will be spent on welfare activities in Dera Ismail Khan.
'The existing 10-day storage capacity will be increased to 45 days and we will also install 100MW power plant. Our requirement will be up to 35MW and we will pass on the remaining electricity to the national grid which will give it free of cost to the people of DI Khan,' Waqar Ahmed Khan said.
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