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China set to invest $12B in Pakistan

KARACHI, Pakistan, March 7 (UPI) -- China plans to invest $12 billion in multiple projects in Pakistan, including what is expected to be the country's largest oil refinery.

The Gwadar refinery, which is being planned and designed, is expected to reach a daily oil output of 60,000 barrels when it goes into production, the Oriental Morning Post reported Tuesday.

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Umer Ahmed Ghuman, Pakistan's minister of privatization and investment, said the visit by President Pervez Musharraf to China last month firmed Beijing's plans to invest $12 billion investments in Pakistan, including the Gwadar refinery.

Other Chinese-funded ventures include building the Islamabad International Airport and two hydraulic power plants at Bunji and Nilam-Jhelum, Ghuman said.

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