ISLAMABAD: The government is likely to draft new policy framework to facilitate investment from Saudi Arabia’s energy giant M/s Aramco, which has now shown interest in establishment of crude to chemical/ plastic complex.
The decision has been taken at a recent meeting of Apex Committee of Special Investment Facilitation Council (SIFC), presided over by the caretaker Prime Minister, Anwar ul-Haq Kakar.
According to sources, Petroleum Division and Ministry of Industries and Production (MoI&P) will jointly develop policy framework attract investment of M/s Aramco in collaboration with Chinese firm Sinopec Engineering Group(SEG). Pakistan’s Deputy Ambassador to China has recently held meeting with the representatives of Chinese company and discussed the pros and cons of $ 10 billion project.
Saudi Arabia, sources said, is of the view that M/s Aramco is doing several joint projects with Sinopec in China, as well as, in KSA and therefore is expecting Sinopec as equity investor along with EPC plus O&M.
The sources said, most of the demands of Saudi energy giant have already been cleared by the Government of Pakistan at the highest level. However, change in investment plan by M/s Aramco has slowed progress in the project as after a number of meetings, Saudi company had put forwarded during discussions and in writing.
The issue of Aramco has also been discussed in meetings with the caretaker Minister for Power and Petroleum, Muhammad Ali during his visits to Saudi Arabia and United Arab Emirates.
Saudi Minister for Energy, sources said, also assured Pakistani authorities that Aramco will finalize its plan very soon which will subsequently, be conveyed to Islamabad.
The sources said, sponsors of M/s Falcon Refinery have also been advised to go back to the drawing board and present a viable proposal. ends
