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Press Release

Aug 21, 2017 17:55 UTC

WAKGROUP Signs Historic Deal With China’s GEDI & CEEC to Establish State-of-the-Art Oil Refinery in KP Pakistan

DUBAI, United Arab Emirates--(Business Wire)--WAKGROUP, a Pakistani Conglomerate with varied interests especially in the Oil and Gas Sector, and Guangdong Electrical Design Institute ("GEDI"), an energy industry leader in engineering, procurement and construction (EPC) solutions singed a historic EPC agreement to engineer, design and construct a state-of-the-art Falcon Oil refinery at KP Pakistan.

The futuristic oil refinery is a deep conversion and has a capacity of producing up to 100,000 barrels per day of deep. The total contract value amounts to approximately USD 3.58 Billion. The project is expected to be completed in 30 months after commencement of work. The landmark agreement was signed by Mr. Waqar Ahmed Khan, Chairman WAKGROUP and Mr. (Qiao Xubin), Vice President GEDI, and was endorsed by Mr. (Yu Gang), Vice President CEEC (China Energy Engineering Corporation) parent company of GEDI.

Speaking on the occasion Waqar Ahmed Khan, Chairman of WAKGROUP, expressed his delight over the signing of this landmark deal. He highlighted the pertinence of this collaboration in the context of CPEC and enhanced cooperation between Pakistan and China. He said, “In collaboration with your esteemed organization Falcon Oil is proud to announce the setting up of a world-class oil refinery at Khyber Pakhtunkhawa. This new state-of-the-art oil refining complex will have its independent 100-Mega Watt power generation plant, 3.8 million metric tons storage facilities all across Pakistan and 300 plus kilometers network of oil pipe lines.”

Mr. Yu Gang expressed his optimism regarding the project in these words, “CEEC attaches great importance to Pakistan Falcon Oil Refinery Project, which has great significance to the friendship between China and Pakistan. As the strong backup for GEDI, CEEC is willing to provide convenience and support while at the same time implement supervision and provide guidance. CEEC and GEDI will insist on the scientific, high efficient, concise and modest philosophy to utilize resources, make technical planning and solution and strictly execute the contract to build the project into a demonstration of China-Pakistan cooperation.”

Source: AETOS Wire

Sahara Communications
Farah Al-Obaidi, +97143298996
farah@saharagcc.com