Pakistan State Oil Company Limited (PSO) told PSX today that under the supervision of the Government of Pakistan, it is actively engaged in discussions with various parties regarding the establishment of a Greenfield Refinery Project, but currently, no material development has taken place.
“It is worthwhile to mention that PSO through its letter no. CS/PSO/1025 dated July 31, 2023 had informed PSX regarding signing of MoUs with different entities on cooperation and collaboration to form a joint investment strategy for setting up the Greenfield Oil Refinery Project,” the state-oil company said in a stock filing.
Last week PSO asked Chinese petrochemical firm Sinopec to build a $10 billion refinery and petrochemical complex in Pakistan in collaboration with Saudi Aramco.
The government will try to develop a new policy framework to woo Saudi Aramco and China’s Sinopec into a joint collaboration on the project.
It bears mentioning that Pakistan’s Deputy Ambassador to China recently met with representatives of Sinopec to discuss the $10 billion project.