After a number of energy and infrastructure projects of Gwadar under China Pakistan Economic Corridor (CPEC), the development of Gwadar oil city is the newest addition. It was officially disclosed by Dr. Sajjad H Baloch, Director General Gwadar Development Authority (GDA), in a meeting with journalists. The entire region is on fast track development to become a fully developed, model city and a number of infrastructure and real estate projects have been launched here in the recent past. Now, establishing a mega oil city in the region is indeed a great development for local and international perspectives.
Gwadar Oil City – Project Details
Gwadar Oil City will be covering over 80,000 acres of land area with a cost of Rs. 10 Billion as per estimation. The PC-1 for land acquisition and cost details of the project has been forwarded by GDA to Ministry of Petroleum. However, the additional cost for oil storage and other aligned facilities will bear by the help of investments. For this purpose, petrochemical industries, oil refinery and storage will be established to make it operational.
When this Gwadar Oil City will become operational, it will transport imported oil to China through the shortest distance in just 7 days instead of 40 days. The oil will be imported from Gulf States while stored and processed in this oil city.
Latest Development Updates from Gwadar
Gwadar is said to be country’s next regional economic hub where development is going on at a rapid scale. We are updating you about the latest development updates from this corner.
Gwadar Model City Plan to be released on 14th August
A Chinese company is dedicatedly working on Gwadar Model City plan and expectedly it will be released on 14th August, 2018. As per initial details, it will spread over a total area of 290,000 acres including 160,000 acres reserved for residential and remaining is for industrial/ commercial needs. Further details about the layout and development scheme of this model city are preconditioned to the release of initial plan.
New Gwadar International Airport Design & Development
The New Gwadar International Airport design will be developed by April 2018. 4300 acres of land have been procured for this project and soil testing is underway. The design will be based on the soil investigation report and it will be one of the biggest airports of Pakistan with capacity to handle one million passengers annually.
These major developments are encouraging for real estate investments in this region. Already country’s top real estate groups have made their entry to this market and more investors will jump in once property rates in Gwadar will go up in near future.