ISLAMABAD, In a historic collaboration, four leading Pakistani state-owned companies will join hands for Greenfield Refinery project at the strategic Gwadar Port in Pakistan. The momentous Memorandum of Understanding (MoU) signing ceremony took place at the head office of Oil and Gas Development Company Limited (OGDCL) on Thursday.
The Pakistani state-owned entities, 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 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.
Secretary Petroleum – Captain (R) Muhammad Mahmood in his opening remarks shared salient aspects of the GreenField Refinery Policy and underscored the commitment of the Petroleum Divison towards the development and growth of the Petroleum Sector.
MoS (petroleum Divison) – Doctor Masadik Masood Malik shared details of the project and its benefits to national economy by way of economic growth, foreign exchange savings, energy security, employment opportunities and social upliftment.