PSO in Talks With Sinopec/Bank of China to Set Up $10 Billion Oil Refinery

Pakistan State Oil (PSO) is reportedly in talks with the Bank of China/Sinopec to set up an oil refinery/petrochemical plant with a $10 billion investment.

Secretary Petroleum recently updated the SIFC Executive Committee on talks between the Saudi side and PSO with the Bank of China/ Sinopec, according to Business Recorder.

The SIFC has directed the Secretary of Petroleum, the Secretary of Finance, the Secretary of Law and Justice, Chairman Federal Board of Revenue, and the Chairman OGRA that the Host Government Agreement (HGA) on TAPI be finalized so that consensus can be reached on unresolved matters.

Secretary Foreign Affairs, Secretary Petroleum, and Secretary Planning have been asked to meet in the Working Group to review the Pakstream gas pipeline project and provide an update to the SIFC Executive Committee.

In partnership with the Petroleum Division, OGRA will lead as the regulator in developing a plan for the provision of LNG and the issuance of NOC.

The Minister for Maritime Affairs, Secretary Petroleum, and Chairman OGRA have been directed to develop an Action Plan to fully utilize and optimize existing LNG terminals to import the maximum amount of LNG, preferably in B2B mode. The project should allow for extra LNG cargoes before the upcoming winter season.



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