Pakistan is set to witness a major investment in its energy sector as SPEC Refinery Pvt Ltd moves ahead with plans to establish a $4.5 billion deep conversion greenfield refinery in Hub, Balochistan.
The project was discussed during a meeting between Federal Minister for Commerce Jam Kamal Khan and a delegation led by SPEC Refinery Chairman Zafar Sheikh, where the company briefed officials on the progress of the proposed facility and its expected economic impact.
According to the company, the refinery will be Pakistan’s first deep conversion plant, designed to process a wide range of crude oil grades using advanced technology to maximize production of high-value petroleum products and improve refining efficiency.
Officials said preliminary work on the project has already begun, while detailed execution plans are being finalized. The company also sought government support for implementation under the Greenfield Refinery Policy, along with timely approvals from relevant authorities, including the Federal Board of Revenue.
The project is expected to generate around 2,000 direct and indirect jobs during construction and operational phases, while also supporting skills development, technology transfer, and broader industrial activity in the region.
In addition, the company outlined long-term plans for downstream petrochemical units aimed at producing industrial raw materials and value-added products for local industries, with potential export opportunities.
Speaking on the occasion, Jam Kamal Khan said Pakistan’s geographic position connecting South Asia, Central Asia, the Middle East, and western China offers strong potential for attracting large-scale industrial and energy investments.
He added that projects like the proposed refinery would help strengthen energy security, expand industrial capacity, reduce import dependence, and generate employment, while the government remains committed to facilitating investment-driven growth and industrial modernization.
Both sides agreed to continue cooperation between the public and private sectors to accelerate investment and unlock Pakistan’s industrial potential.
