In a significant move, the government of Pakistan, supported by the Special Investment Facilitation Council (SIFC), has signed a monumental agreement worth $10 billion to construct a new oil refinery. This massive project is part of a larger plan to tackle the country’s long-standing energy crisis, which has hindered economic growth.
To further boost energy resources and reduce dependence on imports, several initiatives are underway to explore oil and gas reserves along the coast, with expected investments ranging from $5 to $6 billion.
The government has also launched two solar power plants, a 150-megawatt facility in Sukkur and a one-megawatt plant in Hunza, developed through Public-Private Partnerships. These projects demonstrate the focus on renewable energy and sustainable development.
The SIFC is prioritizing the development of hydel, solar, and wind energy sources over traditional coal and furnace oil, emphasizing environmentally friendly energy generation for the future. This comprehensive strategy aims to ensure Pakistan’s energy security while promoting economic stability and growth.