ISLAMABAD: In a historic collaboration, four leading Pakistani state-owned companies have come together for a Greenfield Refinery project at the strategic Gwadar Port in Pakistan. The momentous Memorandum of Understanding (MoU) signing ceremony was held at the head office of Oil and Gas Development Company Limited (OGDCL) on Thursday.
The Pakistani state-owned entities, including Oil and Gas Development Company Limited (OGDCL), Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL), will jointly invest in the project, which will also involve significant foreign investment from world-class oil & gas giants through equity participation.
Greenfield Refinery Significance for Pakistan
The ambitious project aims to establish an integrated refinery petrochemical complex with a crude oil processing capacity of at least 300,000 barrels per day (BPD) along with a petrochemical facility in Pakistan. The integrated complex will include various components such as marine infrastructure, petrochemical complex, crude oil and refined product storages, utilities, and pipeline connectivity.
Minister of State (Petroleum Division) – Dr Musadik Masood Malik, shared further details about the project’s benefits to the national economy, including economic growth, foreign exchange savings, energy security, employment opportunities, and social upliftment.
During the signing ceremony, Secretary Petroleum – Captain (R) Muhammad Mahmood highlighted the salient aspects of the Greenfield Refinery Policy and emphasized the Petroleum Division’s commitment to the development and growth of the Petroleum Sector.
This collaboration represents a significant step towards enhancing Pakistan’s refining and petrochemical capabilities, attracting foreign investments, and bolstering the country’s energy sector. The project at Gwadar Port holds strategic importance due to its location and potential to contribute to Pakistan’s economic development.
