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In a major collaboration, leading Pakistani state-owned companies are set to join hands with Saudi Aramco for a $10-billion greenfield refinery project at Gwadar Port, state-run APP reported.

The Memorandum of Understanding (MoU) signing ceremony took place at the head office of Oil and Gas Development Company Limited (OGDCL) on Thursday, a news release said.

Pakistani state-owned entities, OGDCL, Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL) will collaborate through a joint investment strategy.

The project will have significant foreign investment from oil and gas giants through equity participation.

It envisions setting up an integrated refinery petrochemical complex with a crude oil processing capacity of a minimum of 300,000 barrels per day (BPD) along with a petrochemical facility in Pakistan.

The integrated refinery petrochemical complex shall comprise of various components such as marine infrastructure, petrochemical complex, storage for crude oil and refines utilities, pipeline connectivity, etc.

Secretary Petroleum Captain Muhammad Mahmood (retired), in his opening remarks, shared salient aspects of the ‘Greenfield Refinery Policy’ and underscored the commitment of the Petroleum Division towards the development and growth of the sector.

Minister of State for Petroleum Musadik Masood Malik shared details of the project and its benefits to the national economy by way of economic growth, foreign exchange savings, energy security, employment opportunities, and social uplift.

Earlier, the Minister of State for Petroleum said that an investment of $10 billion in the refinery sector will come ‘very soon’ in Pakistan.

“Very soon, Prime Minister Shehbaz Sharif will inaugurate a $10 billion investment, the details of which cannot be shared at the moment,” said Malik, while addressing a ceremony in March.

On Thursday, Pakistan’s E&P giants OGDCL and PSO also signed a MoU for cooperation/collaboration and joint investment strategy for setting up the greenfield refinery project in Balochistan under a consortium arrangement with foreign investors.

The development was shared by OGDCL in a notice to the Pakistan Stock Exchange (PSX).

Comments

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Kashif ALI Jul 27, 2023 10:59pm
Very good omen. However, such foreign collaboration needs to be expanded in other sectors of the economy too.
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Ahmed Jul 27, 2023 11:05pm
And this will still be a import dependent project. Equity funds will outflow back to vendors with the country bound to perpetual outward dividend payments But yay!
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Az_Iz Jul 28, 2023 12:12am
Let’s hope it is not just an agreement on paper, and comes to fruition.
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Az_Iz Jul 28, 2023 12:13am
@Ahmed, at the very least, it will create jobs, in this part of the country.
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Az_Iz Jul 28, 2023 05:23am
This news is in Arab media as well. So it is not Pakistani politicians just blowing hot air.
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Love Your Country Jul 28, 2023 02:55pm
@Ahmed, what about employment to xxx number of workers and business to allied industries/suppliers in Pak? Will shareholding of Pak shareholders not receive their dividends?
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Az_Iz Jul 28, 2023 05:11pm
This agreement is taking place before an election. It makes one wonder, if it is going to take off.
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SHAHARYAR Jul 28, 2023 08:33pm
After a great efforts and time finally investor have decided to invest in Gwadar . It will open the for investment in other fields as well. This will change the fate of poor people of Gwadar .
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Usman Hameed Jul 30, 2023 02:08pm
ماشاء اللہ۔۔۔۔۔۔۔ اللہ مبارک کرے
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