ISLAMABAD - Khyber Pakhtunkhwa (KP) government has acquired six hundred kanals land for the construction of an oil refinery in Karak district.

The spokesman of the provincial government said that a memorandum of understanding has been signed with Frontier Works Organization for construction of the oil refinery, Radio Pakistan reported. It will be completed at a cost of about sixty-four billion rupees in four years, he said, adding that a similar MoU has also been signed with a Russian company for the construction of another oil refinery in the area. The company will spend thirty five billion rupees on the construction of the refinery, he said. Both the refineries will have the capacity to refine sixty thousand barrels oil per day.

Karak, Kohat and Hangu have huge oil and gas reserves, he mentioned.