PSO no progress on setting up Greenfield oil Refinery

ISLAMABAD – Pakistan State Oil Company (PSO) under supervision and guidance of government is actively engaged in discussions with various parties regarding establishment of a Greenfield Refinery Project. However, at this point in time no material development has taken place which requires PSO to inform PSX.

On July 31, 2023, PSO had informed the PSX regarding signing of MOUs with different entities on cooperation and collaboration to form a joint investment strategy for setting up the Greenfield Refinery Project.

Under the MoU, the 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

The clarification comes after Business Recorder, citing well-informed sources, reported that PSO approached Chinese energy firm M/s Sinopec to partner with Saudi Arabia’s Aramco in a state-of-the-art refinery and petrochemical complex in Pakistan.

In a letter to President Sinopec Corp, Yu Baocai, Managing Director/Chief Executive Officer, PSO, Syed Muhammad Taha, conveyed PSO’s interest in inviting Sinopec to participate in a major greenfield refinery and petrochemical project in Pakistan.

Earlier, well-informed sources in the Petroleum Division had also told Business Recorder that the government is likely to include a $10 billion Saudi Aramco refinery project in the framework of China Pakistan Economic Corridor (CPEC).

During the meeting between Pakistan Deputy Ambassador in Beijing and President of Sinopec Engineering Group (SEG), the SEG was informed about Aramco’s proposal to include Sinopec as a technical and equity partner in the Greenfield refinery and petrochemicals project. ENDs

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