A Chinese Firm will set up an oil refinery in Gwadar with an annual capacity of 8 million tons, costing 4.5 billion dollars.

Addressing a briefing at the Pakistan-China Joint Chamber of Commerce and Industry, the CEO of the Chinese East Sea Group, Fang Yulong announced the establishment of oil refinery in Gwadar Free Zone area.

The refinery will provide a substantial storage capacity to Pakistan, enabling it to maintain reserves for longer time and save foreign exchange.