Pakistan seeks $12 billion oil refinery deal with Saudi Arabia

New from StartUpPakistani :

Pakistan wants a deal with Saudi Arabia to build a state-of-the-art $12 billion oil refinery. The two countries also reached an agreement on this during the official visit of Saudi Arabia’s Mohammed bin his Crown Prince Salman in February 2019.

Pakistan seeks $12 billion oil refinery deal with Saudi Arabia

“Most of the work is done,” said Malik, a bystander at the ceremony in Islamabad. ‘We’re getting closer to an agreement’

“We talked and tried to understand what policy initiatives and policy incentives would make [Saudi] $12 billion investment in Pakistan viable,” he continued.

“We are very close to that agreement and will announce refinery policy soon, in weeks, not months,” he said. “Following the announcement of this policy, we believe it is worthwhile for several countries to invest not only in greenfield refineries, but also in upgrading existing aging and inefficient refineries. .”

Malik said two Gulf states have helped Pakistan conduct feasibility studies for oil refineries.

“Pakistan State Oil (PSO) is leading one of the initiatives, backed by Parco (Pak Arab Refinery),” he added. “PARCO is also leading another initiative that we are all backing, so if our incentive structure is good enough, these investments are just around the corner.”

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