ISLAMABAD, Asharq Al-Awsat – A California-based Kuwaiti Oil Company, Z-Tech, will set up a mega oil refinery in Karachi, says an official

statement.

Z-Tech Chief Coordinator Zafar Ali and Labour Secretary of Sindh Nasir Hayat signed a Memorandum of Understanding to the effect.

Sindh Chief Minister Dr. Arbab Ghulam Rahim and Z-Tech Director Shaikh Mamoud Dawod Al-Sabah were present at the signing ceremony.

The oil refinery to be set up at Port Qasim Karachi will have a capacity of refining 150,000 barrel of oil.

The Kuwaiti firm would come up with an investment to the tune of $1.2 billion.