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Leading Pakistani state-owned businesses will work with Saudi Aramco on a $10 billion greenfield refinery project at Gwadar Port, according to the state-run APP.
Pakistan oil companies sign MoU with Saudi Aramco: According to a news release, the Memorandum of Understanding (MoU) signing ceremony took place on Thursday at the Oil and Gas Development Company Limited (OGDCL) headquarters.
OGDCL, Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL), all of which are state-owned companies in Pakistan, will work together through a cooperative investment plan.
Oil and gas tycoons from outside will contribute significantly to the project through equity involvement.
They intend to build an integrated refinery and petrochemical complex in Pakistan with a minimum crude oil processing capacity of 300,000 barrels per day (BPD).
The integrated refinery petrochemical complex must have a variety of parts, including pipeline connectivity, a petrochemical plant, storage for crude oil and refined utilities, etc.
In his introductory remarks, Secretary of Petroleum Captain Muhammad Mahmood (retired) outlined key elements of the “Greenfield Refinery Policy” and emphasised the dedication of the Petroleum Division to the advancement and expansion of the industry.
Minister of State for Petroleum Musadik Masood Malik described the project’s advantages to the national economy, including economic growth, foreign exchange savings, energy security, employment possibilities, and social uplift.
Earlier, Pakistan will get a $10 billion investment in the refinery sector, according to the Minister of State for Petroleum.
“Major Investment Announcements: Prime Minister to Inaugurate $10 Billion Investment Soon”
During a ceremony in March, Malik stated that “very soon, Prime Minister Shehbaz Sharif will inaugurate a $10 billion investment, but we cannot share the details at this time.”
On Thursday, Pakistan’s E&P heavyweights OGDCL and PSO inked a Memorandum of Understanding (MoU) for cooperation/collaboration and a collaborative investment plan to establish the greenfield refinery project in Balochistan under a consortium arrangement with foreign investors.
However, The Pakistan Stock Exchange (PSX) was notified of the development by OGDCL.