SPEC To Invest $4.5B To Set Up Refinery in Balochistan
SPEC Refinery Pvt Ltd is advancing plans for Pakistan’s first deep-conversion greenfield refinery at Hub, Balochistan, with an estimated investment of $4.5 billion, a move expected to strengthen energy security and spur industrial development in the country.
Federal Minister for Commerce Jam Kamal Khan held a meeting with a delegation of SPEC Refinery Pvt Ltd, led by its Chairman, Mr. Zafar Sheikh, to discuss the development of Pakistan’s first Deep Conversion Greenfield Refinery Project planned at Hub, Balochistan.
The delegation briefed the Minister on the project’s progress and highlighted its strategic importance in strengthening Pakistan’s energy security, reducing reliance on imported refined petroleum products, and promoting industrial development.Attock Refinery Resumes Main Plant Operations After Shutdown
The proposed refinery will employ advanced deep conversion technology capable of maximizing the production of high-value petroleum products while processing a wide range of crude oil grades sourced from international markets.
During the meeting, the delegation requested the government’s support in facilitating the implementation of the Greenfield Refinery Policy and expediting the issuance of the remaining regulatory approvals required by the FBR for the project’s timely execution.
The delegation noted that the project represents a major long-term investment in Pakistan’s energy sector and has the potential to catalyze the development of downstream petrochemical industries. It further informed the Minister that the groundwork for the project has already commenced and that future implementation strategies are currently being finalized.
Chairman Zafar informed the Minister that the project is expected to create approximately 2,000 direct and indirect employment opportunities in Hub and surrounding areas during both its construction and operational phases. He added that the project would contribute significantly to regional economic development, skills enhancement, technology transfer, and industrial growth.
Jam Kamal Khan welcomed the investment and emphasized that Pakistan offers immense opportunities for large-scale industrial and energy projects owing to its strategic geopolitical location at the crossroads of South Asia, Central Asia, the Middle East, and Western China.
The Minister stated that Pakistan’s geographic position, growing domestic market of over 250 million people, expanding trade corridors, and connectivity initiatives provide a strong foundation for transforming the country into a regional hub for trade, energy, logistics, and manufacturing.
“Pakistan possesses tremendous untapped potential in refining, petrochemicals, logistics, and value-added manufacturing. Strategic projects such as the Hub refinery can play a vital role in strengthening industrial capacity, enhancing energy security, creating jobs, and attracting long-term foreign and domestic investment,” the Minister said.
He further noted that the government is committed to facilitating investment that contributes to economic growth, industrial modernization, import substitution, and export enhancement.
The delegation also shared its broader vision for the future development of associated petrochemical facilities, including the production of industrial feedstocks and value-added products that could support Pakistan’s manufacturing sector and generate additional export opportunities.
Both sides agreed on the importance of continued public-private sector collaboration to accelerate industrial investment and unlock Pakistan’s full economic potential.
The meeting concluded with a shared commitment to advancing strategic projects that support sustainable growth, employment generation, and national economic development.
