China will invest US$12 billion in Pakistan
(Shanghai Daily)
Updated: 2006-03-08 15:15

China plans to invest US$12 billion in multiple projects in Pakistan, including the country's largest oil refinery at Gwadar, the Oriental Morning Post reported.

The Gwadar oil refinery, which is being planned and designed, is expected to reach a daily oil output of 60,000 barrels when it goes into production, said Umer Ahmed Ghuman, Pakistan's Minister of State for Privatization and Investment.

Ghuman accompanied President Pervez Musharraf in a visit to China in late February. During the visit, leaders of the two countries discussed the feasibility of the US$12 billion investments and China displayed an avid interest in the infrastructures construction in Pakistan, Ghuman said.

With these investments, Pakistan is also going to build Islamabad International Airport and two hydraulic power plants at Bunji and Nilam-Jhelum, Ghuman told local press recently.

China is also planning to foster its participation in Pakistan's long-term economic development by investing US$500 million in a joint venture investment company, according to the report.

Pakistan has attracted US$1.6 billion in foreign investments during the first 7 months of this fiscal year, starting last July. It is expected to attract furthermore US$1.4 billion in the rest of the fiscal year.