Pakistani Oil Companies to Partner with Saudi Aramco for $10 Billion Refinery Project
Pakistani and Saudi Collaboration: $10 Billion Gwadar Refinery Project
In a historic collaboration, four leading Pakistani state-owned companies will join hands with Saudi Aramco for the $10 billion Greenfield Refinery project at the Gwadar Port, state-run APP reported Thursday.
The Memorandum of Understanding (MoU) signing ceremony took place at the head office of Oil and Gas Development Company Limited (OGDCL) today.
The Pakistani state-owned entities, Oil and Gas Development Company Limited (OGDCL), Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL), will collaborate through a joint investment strategy.
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The project will have significant foreign investment from world-class oil & gas giants through equity participation. The project envisions setting up an integrated refinery petrochemical complex with a crude oil processing capacity of a minimum of 300,000 BPD along with a petrochemical facility in Pakistan.
The integrated refinery petrochemical complex shall comprise various components such as marine infrastructure, petrochemical complex, storage for crude oil and refines utilities, pipeline connectivity, etc.
Petroleum Minister Musadik Malik shared details of the project and its benefits to the national economy by way of economic growth, foreign exchange savings, energy security, and employment opportunities.