$4.5bn refinery planned in Hub

Published June 11, 2026 Updated June 11, 2026 07:38am
Commerce Minister Jam Kamal holds a meeting with a delegation led by SPEC Refinery Pvt Ltd Chairman Zafar Sheikh on June 9, 2026. — @jam_kamal /X
Commerce Minister Jam Kamal holds a meeting with a delegation led by SPEC Refinery Pvt Ltd Chairman Zafar Sheikh on June 9, 2026. — @jam_kamal /X

ISLAMABAD: Pakistan is set to establish its first deep-conversion greenfield refinery project in Hub, Balochistan, involving an investment of $4.5 billion and the creation of around 2,000 jobs.

SPEC Refinery Pvt Ltd Chairman Zafar Sheikh held a meeting with Commerce Minister Jam Kamal to review progress on the project, which is being described as a major step towards strengthening the country’s energy security.

An official statement said the delegation briefed the commerce minister on the project’s progress and highlighted its strategic importance in reducing reliance on imported refined petroleum products, enhancing ene­rgy security, and promoting industrial development.

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

Project to create 2,000 jobs, strengthen energy security

During the meeting, the delegation sought government support in facilitating the implementation of the Greenfield Refinery Policy and expediting the issuance of remaining regulatory approvals required from the Federal Board of Revenue (FBR) for timely execution of the project.

They noted that the project represents a major long-term investment in Pakistan’s energy sector and has the potential to catalyse the development of downstream petrochemical industries. The minister was informed that groundwork for the project has already begun and that future implementation strategies are currently being finalised.

Zafar Sheikh informed the commerce minister that the project is expected to generate approximately 2,000 direct and indirect employment opportunities in Hub and surrounding areas during both construction and operational phases. He added that it would contribute significantly to regional economic development, skills enhancement, technology transfer, and industrial growth.

The minister welcomed the investment and stressed that Pakistan offers immense opportunities for large-scale industrial and energy projects due to its strategic geopolitical location at the crossroads of South Asia, Central Asia, the Middle East, and Western China.

Jam Kamal said Pakistan’s geographic position, a 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.

Published in Dawn, June 11th, 2026

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