The government is yet to finalize the new refinery policy despite seeking a multi-billion-dollar deal with Saudi Arabia for an oil refinery project.
According to sources in the Petroleum Division, in the past, the lack of a refinery policy was among the factors that derailed talks with Saudi Arabia regarding the refinery project.
However, Minister of State for Petroleum Dr Musadik Malik is hopeful that the new refinery policy will be approved in the next two weeks ahead of the Saudi investment as the draft has been finalized.
It is pertinent to mention here that Pakistan is close to striking a $12 billion deal with Saudi Arabia regarding the oil refinery project in the deepwater port of Gwadar.
Saudi Arabia’s energy minister Khalid Al-Falih arrived in Pakistan over the weekend and has already visited the site of the proposed project.
It is pertinent to mention here that Pakistan has been in talks with Saudi Arabia regarding investment in a new oil refinery for years. Back in 2018, Ghulam Sarwar Khan, the then Petroleum Minister, announced that Saudi Arabia has agreed in principle to invest in a new oil refinery in Gwadar.
However, despite positive developments, the project could not be finalized due to several reasons.
