Developed by Byco Group, the refinery can produce about 1.6 million tons of fuel oil, 2.4 million tons of diesel, and 1.1 million tons of LPG per year, while contributing to the country’s goal of achieving sustainable productivity and increased profitability.

Pakistan Prime Minister Muhammad Nawaz Sharif said that the $750m oil refinery complex, backed by Abraaj Group, will meet 39% of energy needs while reducing the country’s reliance on fuel imports.

The new facility adds Pakistan to club of countries having a single point mooring (SPM) facility in the deep sea to transport crude oil through a pipeline to refineries set up along the coast.

The SPM is located up in the North Arabian Sea at distance of approximately 14km from the Byco’s Mouza Kund site located at Hub, and is 10km inside the sea at 2.5m deep.

Pakistan currently requires 22 million tons of oil, but is believed to be short of crude oil refining.

Sharif said: "It will take time to achieve complete self-sufficiency."

In line with this effort, Byco Group is also planning to develop second refinery. The project will also provide employment opportunities.