Islamabad: (RightNow) China’s private sector has approved a $3.5 billion investment plan in Pakistan. This is the largest Chinese private investment project in Pakistan to date.

The Ministry of Planning approved this project under CPEC through Business-to-Business (B2B) collaboration. The China-Pakistan Economic Corridor Secretariat has also endorsed the project.

The project includes the Falcon Oil Refinery and Storage Complex at Dhabeji in Thatta district, Sindh. It will have the capacity to store crude oil and petroleum products.

This project is significant for Pakistan’s energy security. It will enhance local refining capacity and reduce reliance on imported products.

It is noteworthy that under CPEC, this project is a crucial step towards energy self-sufficiency. It could also prove vital for the country’s economy.