Pakistan is set to receive a major boost to its energy sector as SPEC Refinery Pvt Ltd advances plans to establish a $4.5 billion deep conversion greenfield refinery in Hub, Balochistan, a project aimed at strengthening energy security and reducing dependence on imported refined petroleum products.
The project was discussed during a meeting between Federal Minister for Commerce Jam Kamal Khan and a delegation of SPEC Refinery led by Chairman Zafar Sheikh. During the meeting, company representatives briefed the minister on the progress of the proposed refinery and its expected contribution to the country’s industrial and energy landscape.
According to the company, the refinery will be Pakistan’s first deep conversion facility and will utilize advanced processing technology to maximize the production of high value petroleum products. The plant will also be capable of processing a wide range of crude oil grades sourced from international markets, enhancing operational flexibility and efficiency.
The delegation requested government support for the implementation of the Greenfield Refinery Policy and sought the early issuance of remaining approvals required from the Federal Board of Revenue. Company officials said preliminary groundwork for the project has already begun, while detailed implementation plans are currently being finalized.
Chairman Zafar Sheikh said the investment is expected to generate around 2,000 direct and indirect jobs in Hub and nearby areas during both the construction and operational phases. He added that the project would support technology transfer, workforce development, industrial growth, and broader economic activity across the region.
The company also outlined plans for future downstream petrochemical facilities that could produce industrial feedstocks and other value added products for Pakistan’s manufacturing sector. Such developments could help strengthen domestic industry while creating new export opportunities.\
Speaking on the occasion, Jam Kamal said Pakistan’s strategic location at the intersection of South Asia, Central Asia, the Middle East, and Western China makes it well positioned to attract large scale industrial and energy investments. He noted that the country’s growing domestic market, expanding trade corridors, and connectivity initiatives offer significant opportunities for long term economic growth.
The minister said projects such as the proposed Hub refinery can play an important role in expanding industrial capacity, enhancing energy security, creating employment opportunities, and attracting both domestic and foreign investment. He reaffirmed the government’s commitment to facilitating projects that support industrial modernization, import substitution, and export growth.
Both sides agreed on the need for continued collaboration between the public and private sectors to accelerate investment and unlock Pakistan’s industrial and economic potential.