Four leading Pakistani state-owned to join hands for Greenfield Refinery project at the strategic Gwadar Port in Pakistan
Dr. Musadik Malik says establishment of Greenfield Refinery will help decrease trade deficit of the country
ISLAMABAD ( Web News )
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 and 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 (Retd) 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.
Minister of State for Petroleum Divison Senator Dr. 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.
Dr. Musadik Malik said establishment of Greenfield Refinery will help decrease trade deficit of the country.
Giving a brief of the government’s achievements during the past one year, the Minister said the 138 Million Cubic Feet natural gas of worth one point one billion dollar was explored and added during this period.
He said the dividends of agreement signed with Russia for Crude Oil will reach the masses very soon.
Dr. Musadik Malik said negotiations are underway with our friendly countries including Saudi Arabia, United Arab Emirates and other member countries of Gulf Cooperation Council for import of cheap oil and gas to the country.
He said the incumbent government also resumed talks on Turkmenistan-Afghanistan-Pakistan-India Gas Pipeline project, which was shelved by the previous government, while a framework agreement was signed with Azerbaijan for LNG procurement on flexible terms.
The Minister said under the agreement, Azerbaijan will offer one Cargo of LNG each month and it will be up to Pakistan to either accept the cargo or not. He said there will be no financial penalty if Pakistan does not accept the cargo.
He said the government will also open schools and hospitals at all the places, where projects for oil and gas exploration will be launched to facilitate the local population.