Big News Network (IANS)Friday 12th June, 2015

Pakistan Prime Minister Nawaz Sharif on Friday inaugurated the country’s largest oil refinery in Balochistan province’s Hub region.

The inauguration ceremony was attended by Balochistan Chief Minister Abdul Malik Baloch, Senator Saleem Mandviwalla and Balochistan’s Senior Minister and provincial president of the Pakistan Muslim League-Nawaz (PML-N) Sanaullah Zehri, Dawn online reported.

Speaking on the occasion, the prime minister termed the setting up of the Byco Oil Refinery in Balochistan as an “important milestone”.

He said the refinery would lead to economic development in the province and provide employment opportunities to the citizens.

The premier said oil and gas were the most important of all natural resources.

He said some $750 million will be invested in the second phase of the oil refinery project.

The refinery would help reduce the country’s dependence on the import of petroleum products by over 50 percent, the prime minister said.

“It will take time to reach the level of self-sufficiency,” Sharif, however, added.