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China to invest $10 billion in oil, gas sector: minister

November 19, 2019
China to invest $10 billion in oil, gas sector: minister

In this file photo, an overview shows tankers parked outside a local oil refinery in the Pakistan's port city of Karachi on Feb. 22, 2011. (AFP)

China has decided to invest $10 billion in Pakistan’s oil and gas sector and $4 billion in local steel sector through projects under the China-Pakistan Economic Corridor, Minister for Planning Khusro Bakhtiar said Monday.

The minister was addressing the third annual conference on CPEC Consortium of Universities in Islamabad.

Bakhtiar said China had broadened bilateral cooperation in socio-economic development, agriculture, infrastructure and energy sectors. The Chinese government also offered 20,000 scholarships for Pakistani students in Chinese universities, he added.

A $9 billion project has also been approved by the Chinese government for a railway line from Karachi to Peshawar, the Radio Pakistan reported.

Yao Jing, China’s ambassador to Pakistan, told the participants that CPEC was providing a platform to connect the two countries and peoples.

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CPEC, China, Pakistan, Oil, Gas, Steel, Imran Khan