KARACHI: Pakistan and China have signed a Memorandum of Understanding for investment worth 1.5 billion dollars in the petroleum industry.

The agreement signed between Pakistan Refinery Limited and United Energy Group of China was also witnessed by Caretaker Prime Minister Anwaar-ul-Haq Kakar and Caretaker Minister for Energy Muhammad Ali in Beijing today.

Under the agreement, petrol and high-speed diesel obtained from Pak Refinery Ltd will not only replace expensive imported fuel but the total production capacity of the refinery will also increase from two hundred fifty thousand metric tons to one point six million metric tons. It will also help increase the production of high-speed diesel from six hundred thousand metric tons to two million metric tons.