WAK Group, a Pakistani Conglomerate with varied interests especially in the Oil and Gas Sector, and Guangdong Electrical Design Institute ("GEDI"), an energy industry leader in engineering, procurement and construction (EPC) solutions singed a historic EPC agreement to engineer, design and construct a state-of-the-art Falcon Oil refinery at KP Pakistan.
The futuristic oil refinery is a deep conversion and has a capacity of producing up to 100,000 barrels per day of deep. The total contract value amounts to approximately USD 3.58 Billion. The project is expected to be completed in 30 months after commencement of work. The landmark agreement was signed by Mr. Waqar Ahmed Khan, Chairman WAKGroup and Mr. (Qiao Xubin), Vice President GEDI, and was endorsed by Mr. (Yu Gang) Vice President CEEC (China Energy Engineering Corporation) parent company of GEDI.
The ceremony was attended by top management of WAKGroup, GEDI, CEEC and noted personalities from the corporate sector.
Speaking on the occasion Waqar Ahmed Khan, Chairman of WAKGroup., expressed his delight over the signing of this landmark deal. He highlighted the pertinence of this collaboration in the context of CPEC and enhanced cooperation between Pakistan and China. He said, ‘In collaboration with your esteemed organization Falcon Oil is proud to announce the setting up of a world-class oil refinery at Khyber Pakhtunkhawa. This new state-of-the-art oil refining complex will have its independent 100-Mega Watt power generation plant, 3.8 million metric tons storage facilities all across Pakistan and 300 plus kilometers network of oil pipe lines.
He also said “I have dedicated 10% of profits accruing from this project to Gulzar Foundation which is a public welfare organization I have set up in memory of my father.”
The timing and the location of this joint venture is very crucial when viewed in the context of CPEC (China Pakistan Economic Corridor), an epoch-making project that is going to be a game changer for the region.’ He further reiterated the importance of the project in these words, ‘Falcon Oil with a capacity of 100,000 barrels per day will propel Pakistan’s journey towards prosperity.’
Mr. YU Gang expressed his optimism regarding the project in these words, ‘CEEC attaches great importance to Pakistan Falcon Oil Refinery Project, which has great significance to the friendship between China and Pakistan. As the strong backup for GEDI, CEEC is willing to provide convenience and support while at the same time implement supervision and provide guidance. CEEC and GEDI will insist on the scientific, high efficient, concise and modest philosophy to utilize resources, make technical planning and solution and strictly execute the contract to build the project into a demonstration of China-Pakistan cooperation.’
"We are humbled that WAK Group has chosen GEDI to assist them in constructing a state-of-the-art crude processing and transport facility for Pakistan," said Mr. Qiao Xubin, Vice President of GEDI. ‘In 2016, GEDI contacted with WAK Group for this project. Both parties have made several rounds of negotiations and actively promote the progress of the project. So far we have made good achievement. GEDI will stand at the high starting point, apply high standard, demonstrate high efficiency, carry on our rich EPC contracting experience to build a marble project, to bring power for economic development of Pakistan society and bring benefits to Pakistan and China and the people of the two nations with our enterprise philosophy of Pioneer in Technology and Professional in Management.’
Mr Khan concluded: ‘I am hopeful that this great venture will pave the way for further cooperation between our two organizations. It will also strengthen the resolve of the two friendly countries to pursue with optimum passion a shared dream of greater peace, prosperity and progress…
I once again wish to express my gratitude for showing your confidence and trust in our abilities and for creating yet another landmark precedent for other business groups in the two countries.’
The infrastructure development on the site will commence soon and the Falcon Oil project will further strengthen the emerging trade and economic cooperation between the two friendly neighbors.