Islamabad, A Memorandum of Understanding has been signed between Pakistan and China, marking an investment commitment of 1.5 billion dollars to the petroleum industry. This significant agreement was inked between Pakistan Refinery Limited and the United Energy Group of China. Key witnesses to this collaboration included Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy Muhammad Ali in Beijing.

The terms of the MoU specify that petrol and high-speed diesel produced by Pak Refinery Ltd will serve to replace costlier imported fuels. Additionally, the refinery’s total production capacity is set to rise dramatically, with a surge from two hundred fifty thousand metric tons to a staggering one point six million metric tons. There’s also a forecasted increase in the production of high-speed diesel, with projections reaching two million metric tons. This information was provided by the Ministry of Information and Broadcasting.