SPEC Refinery advances billion-dollar greenfield refinery project in Balochistan 

SPEC Refinery Pvt Ltd is advancing plans to develop Pakistan’s first deep-conversion greenfield refinery in Hub, Balochistan, with an estimated investment of $4.5 billion, according to an official statement issued on Wednesday.

The project was discussed during a meeting between Federal Minister for Commerce Jam Kamal Khan and a delegation of SPEC Refinery Pvt Ltd, led by its Chairman Zafar Sheikh.

The delegation briefed the minister on the project’s progress and said the refinery would help strengthen Pakistan’s energy security, reduce reliance on imported refined petroleum products and support industrial development.

The proposed refinery will use deep-conversion technology designed to increase the production of high-value petroleum products while processing a wide range of crude oil grades sourced from international markets.

The delegation requested government support for the implementation of the Greenfield Refinery Policy and the early issuance of remaining regulatory approvals required by the Federal Board of Revenue (FBR) to ensure the timely execution of the project.

Zafar Sheikh said groundwork for the project had already begun, while future implementation strategies were being finalised.

He said the project was expected to create around 2,000 direct and indirect jobs in the Hub and surrounding areas during its construction and operational phases. He added that the refinery would contribute to regional economic development, skills development, technology transfer and industrial growth.

Jam Kamal Khan welcomed the investment and said Pakistan offered opportunities for large-scale industrial and energy projects due to its location at the crossroads of South Asia, Central Asia, the Middle East and western China.

He said Pakistan’s domestic market of more than 250 million people, expanding trade corridors and connectivity initiatives could help position the country as a regional hub for trade, energy, logistics and manufacturing.

The minister said projects such as the Hub refinery could support industrial capacity, energy security, employment generation and long-term investment.

He said the government was committed to facilitating investment that supports economic growth, industrial modernisation, import substitution and export enhancement.

The delegation also briefed the minister on plans for associated petrochemical facilities, including the production of industrial feedstocks and value-added products to support Pakistan’s manufacturing sector and create export opportunities.

Both sides agreed to continue public-private sector cooperation to advance industrial investment and strategic energy projects.