In an astounding development, Chinese firm East Sea Group Limited (ESGL) has kicked off a plan to establish a $4.5 billion oil refinery in Gwadar with an annual oil processing capacity of 8 million tons. According to an official document, the project will be constructed in two phases. East Sea Group will place at least six crude oil trans-shipment vessels totaling 2 million tons at Gwadar port in Pakistan every month, supporting its own oil source business, and will also provide oil trans-shipment services for major Middle East oil-producing countries.
