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ISLAMABAD: Pakistan State Oil (PSO) is reportedly interacting with Bank of China/Sinopec for establishment of either an oil refinery or petrochemical refinery with an investment of over $ 10 billion, well-informed sources told Business Recorder.

The sources said Secretary Petroleum recently updated Executive Committee of SIFC on discussions with the Saudi side and PSO’s with Bank of China/ Sinopec, adding further progress is expected during the forthcoming visit of caretaker Prime Minister, Anwar-ul-Haq Kakar to China.

The SIFC has also directed Secretary Petroleum, Secretary Finance, Secretary Law and Justice, Chairman FBR and Chairman OGRA that Host Government Agreement (HGA) on TAPI may be finalised as per timelines and consensus be developed among, Finance, Petroleum, Law and Justice, FBR and OGRA, etc, on pending matters.

Petrol and diesel: Exchange adjustment rate for PSO kept at Rs4.24, Rs2.62 per litre

Secretary Foreign Affairs, Secretary Petroleum and Secretary Planning have been directed to discuss Pakstream gas pipeline project in Working Group and an update be shared with Executive Committee of SIFC.

OGRA will lead as regulator for devising the plan for provision of virtual LNG in collaboration with Petroleum Division, including finalization of codal formalities for issuance of NOC.

Minister for Maritime Affairs (MoMA), Secretary Petroleum and Chairman OGRA have been directed that an Action Plan to fully utilize and optimize existing LNG terminals to import maximum possible LNG, preferably in business to business (B2B) mode, without any obligation on part of government be devised. The endeavor should enable additional LNG cargoes before onset of winter 2023.

Copyright Business Recorder, 2023

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