Pakistan’s four leading state-owned companies will collaborate with Saudi oil refinery company, Amarco, for the “Greenfield Refinery” project in the country’s South-West Gwadar area.
The companies signed a Memorandum of Understanding, MoU, with Amarco in OGDCL’s Islamabad office, a statement by the country’s petroleum ministry said.
The statement said the project envisions setting up an integrated refinery petrochemical complex with a crude oil processing capacity of a minimum of 300,000 barrels per day along with a petrochemical facility in Pakistan.
“The integrated refinery petrochemical complex shall comprise various components such as marine infrastructure, petrochemical complex, storages for crude oil and refines utilities, as well as pipeline connectivity,” it added.
Musadik Malik, Pakistan’s Minister of State for Petroleum, said the project will give benefits to the national economy by way of economic growth and foreign exchange.
“It will save energy, give employment opportunities and bring social uplift,” the minister said at the signing ceremony.
Xinhua/NAN
