4 Pakistani Oil Companies collaborate with Saudi Aramco for $10 Billion Greenfield Refinery Project.
- 9 months ago
ISLAMABAD-Four Pakistani state-owned oil and gas companies Thursday signed an MoU for collaboration with Saudi Aramco for executing $10 billion green refinery project at strategic Gwadar Port, paving way for commercial negotiation of the contract.
While fulfilling the preconditions of Saudi Arabia, an MoU was also signed with Chinese firm to award EPC contract for the refinery project Oil and Gas Development Company Limited (OGDCL), Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL) have signed the MoU for collaboration through a joint investment strategy. Minister for State Musadiq Malik was the chief guest while Secretary Petroleum Captain (R) Muhammad Mahmood also witnessed the signing ceremony. It is worth mentioning here that Saudi Arabia had linked the investment in new refinery project with raising equity by Pakistani companies and award of EPC contract to start construction work on the refinery project.
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 crude oil processing capacity of minimum 300,000 BPD along with petrochemical facility in Pakistan. The integrated refinery petrochemical complex shall comprise of various components such as marine infrastructure, petrochemical complex, storages for crude oil and refines utilities, pipeline connectivity etc.
While fulfilling the preconditions of Saudi Arabia, an MoU was also signed with Chinese firm to award EPC contract for the refinery project Oil and Gas Development Company Limited (OGDCL), Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL) have signed the MoU for collaboration through a joint investment strategy. Minister for State Musadiq Malik was the chief guest while Secretary Petroleum Captain (R) Muhammad Mahmood also witnessed the signing ceremony. It is worth mentioning here that Saudi Arabia had linked the investment in new refinery project with raising equity by Pakistani companies and award of EPC contract to start construction work on the refinery project.
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 crude oil processing capacity of minimum 300,000 BPD along with petrochemical facility in Pakistan. The integrated refinery petrochemical complex shall comprise of various components such as marine infrastructure, petrochemical complex, storages for crude oil and refines utilities, pipeline connectivity etc.