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Grand projects

Saudi Arabia has decided to revive its proposal to establish an oil refinery and petrochemical complex in Gwadar, Balochistan with heavy investment. The petroleum refinery project which was stalled since 2019, will be based on state-of-the-art deep-conversion technology to be introduced in Pakistan that operates five main petroleum refineries, generally using obsolete process technologies and currently planning for technological upgradation and capacity expansion. The United Arab Emirates (UAE) is likely to join Pakistan and Saudi Arabia in this venture, which may cost about $12 billion on completion.