Multinational company SPEC has formally offered Khyber Pakhtunkhwa government to establish oil refinery at any suitable location between Kohat and Karak.

In this connection, a delegation of the experts and engineers of the company met KP Chief Minister Pervez Khattak under the leadership of its chief executive Zafar Sheikh here. The chief executive of SPEC told that he is visiting Khyber Pakhtunkhwa on invitation of Mohsin Aziz, industrialist and vice chairman of Khyber Pakhtunkhwa Board of Investment and Trade (KPBoIT) along with his expert team and keen to initially invest $250 million in the establishment of oil refinery here.

Initially, he said, the refinery will produce LPG, petrol, kerosene, jet fuel, diesel, furnace oil, pitchwoman asphalt and other products from 20,000 (per day) crude oil. Provincial Minister for Energy & Power Mohammad Atif Khan, Vice chairman BoIT KP, Mohsin Aziz, Secretary Industries Sahibzada Saeed, Secretary Communication & Works Ahmad Hanif Orakzai, Principal Secretary to CM, Shehzad Bangash, Chief Executive KP OGDCL Raziuddin and other concerned authorities were also present on the occasion.

In next two phases, he told, the consumption would be enhanced to 30000 to 40000 barrel per day. The quality of diesel and petrol manufactured by the company would be of best quality market and its demand would be high not only in Pakistan but also in the neighboring countries, which will result in the earning of precious foreign exchange for the country. Similarly, he also offered in first year the company will establish thermal power station of 50MW and in next phase of 100MW and 150MW respectively. The electricity generated from these thermal power stations will be sold to national grid on the conditions of the Khyber Pakhtunkhwa first.

Highly appreciating the introduction of corruption free, transparent and economy friendly policies by the coalition government of PTI, he said that these policies are discussed abroad and hoped that due to sincerity this government would very soon achieve the targets of the progress and prosperity of the people. The chief minister, while welcoming the offer, said that the provincial government besides provision of land would also extend full cooperation to the company in the granting of no objection certificate (NoC) from the federal government. He said that collectively the country produces 92000 barrel crude oil per day while 50000 barrel oil is produced only in Khyber Pakhtunkhwa, which, for refining, is sent to the oil refineries in Attock and Karachi and they have to repurchase it on hundreds fold high price. The production of petroleum products at local level will not only benefit our own province, rather the whole country and for first time the industrial development would be revived. On the request of the company, the chief minister directed the provision of information regarding the capacity of production of oil and gas and other related matters to the company with immediate effect and made it clear that the company would get all possible cooperation in this regard for which besides, BoIT, a team of the Energy Department would also be appointed.

In next phase, the Chief Minister also offered to the company investment in generation of electricity from municipal solid waste, mega townships near Peshawar and Swabi Motorway, Swat Expressway and construction of other new highways. He said entrepreneurs are usually scared of corruption and unrest when investing anywhere while these both are the top most focus priorities of PTI-led coalition govt.

After announcing Provincial Mineral Policy, industrial policy for the province is also being evolved, he revealed. For this purpose, he said, a committee comprising industrialists, bureaucrats, consultants and experts has also been setup.

He said that the government has decided to establish new industrial zones at important trading areas and an industrial estate is also being established on the gateway to Kohat and Karak, which would be followed by Malakand.

He said that the oil refinery besides the promotion of small and medium enterprises will also generate employment opportunities for unemployed youth. Similarly, he said, his govt along with offering attractive incentives to industrialists and investors is also extending them all required facilities and guarantees to develop industries.

Declaring technical education very crucial for industrial development, the chief minister said that the government is taking solid steps for reforming technical and vocational education in public sector institutes on scientific lines to meet the requirements of the indigenous industries and needs of the present era.

For this purpose, he said, besides granting autonomous status to Technical Education and Vocational Training Authority (TEVTA), 500 students have recently been sent to Karachi for higher technical education with cost of Rs.100 million. Similarly, Small Industries Development Board (SIDB) and Sarhad Development Authority (SDA) were also being merged and under legislation it will be formally given autonomy.