PR No. 114 Islamabad

Mr. Wang Guobin, President, China Huanqiu Contracting & Engineering Corporation (HQC) subsidiary of China National Petroleum Corporation (CNPC) from China alongwith 7-member Chinese delegation visited Board of Investment and met with Minister of State/Chairman, BOI Dr. Miftah Ismail. The Chairman welcomed the Chinese investors and discuss about the available opportunities in Pakistan. The Minister of State/Chairman, Dr. Miftah Ismail also highlighted the investment potential and opportunities available specific for Chinese investors / companies in Pakistan.

Mr. Wang Guobin informed that there group has specialized in Oil & gas exploration and oil refinery and further said that they are interested to setup oil refinery in Pakistan preferably at Gawadar and Karak, KPK. China Huanqiu Contracting & Engineering Corporation subsidiary of China National Petroleum Corporation (CNPC), is an intelligence-intensive, technology-intensive and technology-oriented state-owned backbone enterprise. It takes technology as the guide, design as the lead, engages in such diversified business as consultation, R&D, engineering, construction management, equipment manufacture..

MOS/Chairman, BOI informed that government encouraging the private sector for setting up of oil refineries in Pakistan. Recently UAE company also shown interest to establish oil refinery in KPK. He further highlighted that there is no tax for a period of 20 years in this sector. He also informed that Laws have been tailored to safeguard and ensure protection of investments. The foreign investment is fully protected under the Foreign Private Investment (Promotion & Protection) Act, 1976, and Protection of Economic Reforms Act 1992.

At the end Dr. Miftah Ismail, Minister of State/Chairman, BOI thanked Mr. Wang Guobin and his delegation, and appreciated their efforts and intention with regard to boost investment and economic relations between the two countries. He further said that BOI being the apex body of the Government of Pakistan for investment promotion and facilitation to foreign investors assure them full support as and when needed.