‘Economy, demand of oil increasing’
By Asad Cheema

Islamabad—President Islamabad Chamber of Commerce & Industry Nasir Khan appreciated the agreement for the establishment of oil refineryin Gawadar to complete the deficiency of oil products in the country.
While addressing to the executive members of ICCI President said that such megaprojects will bring the prosperity in the Baluchistan as well as in the whole country and will also help to decrease the unemployment.
President said that 2006-07 are perhaps the years of high oil prices and which hurt the economies of many countries in the world including Pakistan. He added that Pakistani economy is growing and the demand of oil is increasing rapidly in the country. In 2010 Pakistan will need 18 million tons of oil and he added that Pakistan has five refineries which are producing 11.2 million tons of oil products a year.
President emphasized if Pakistan wants to sustain its high economic growth that it must address its energy needs. He added that Gawadar refinery, which will be Pakistan biggest, have the capacity to process 300,000 barrels of oil a day. He further said that Pakistan can increase its interaction with Middle East and Central Asian countries after the completion of project.
President Nasir Khan said that strategic location of Baluchistan can play significant role in helping the country emerge as a potential energy for all Asia. The province is ideally situated to cater to energy and trading needs of other countries in the Asian region. He mentioned that Gawadar is situated atop the shipping lane through which at least 60 percent of the world's oil passes.

The Participants of meeting were Vice President Mohammad Hussain, MunwarMoughal, Mian Shaukat Masood, Khalid Malik, Munwar Iqbal, Saif ul Rehman .Abdul Ghaffar Chadhery and Secretary General Majid Shabbir.