Oman is then reported to have sold Gwadar to Pakistan for $3 million on September 8, 1958. Since December 1958, it has been an integral part of the Balochistan province of Pakistan. It is now being developed into a deep-water port with Chinese assistance. Pakistan-China Relations and CPEC
Which country is planning a $2 billion oil refinery near Gwadar?
A $2 billion oil refinery is planned to be set up near Gwadar. The port is being developed by the China Overseas Port Holding Company (COPHC), to which it was leased by the Pakistan government for 40 years in April 2017. The final expansion of the port and ancillary systems will be undertaken by the Chinese.
Could oil refinery be established in Pakistan instead of Gwadar?
It was indicated vaguely that an oil refinery may be established somewhere else in Pakistan instead of Gwadar. However, a recent development saw Saudi Arabia signaling renewed engagement to come up with an oil refinery project in Gwadar.
Will Gwadar be a major port in Pakistan?
With Pakistan¡¯s two other major ports operating near capacity with no room for expansion, projects in Gwadar promise to eventually handle one million tons of cargo annually, while also providing significant industrial, oil, and transportation infrastructure.