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Pakistan’s $10bn Green Refinery Project with Sinopec and Aramco

Pakistan is seeking to establish a non-binding Memorandum of Understanding (MoU) involving Pakistan State Oil (PSO), China’s Sinopec, and Saudi Aramco for the development of a $10 billion green refinery project.

The Special Investment Facilitation Council (SIFC) has directed the Ministry of Foreign Affairs to facilitate collaboration between the parties, as reported by The News.

Sinopec had previously raised concerns about demand for petroleum products in Pakistan and requested a market study by the Petroleum Division in collaboration with PSO. This study would guide Sinopec’s decision on serving as the Engineering, Procurement, and Construction (EPC) contractor and arranging financing.

Initially, there was a proposal for PSO, Sinopec, and Aramco to jointly study the feasibility and benefits of a crude-to-petrochemical refinery. Under a revised plan, Sinopec has asked PSO to independently assess market demand for the refinery’s products. Pakistani authorities are actively engaged with Sinopec’s management on this initiative.

Saudi Arabia supports awarding the EPC contract to Sinopec. PSO, mandated by the Government of Pakistan, is coordinating with the Bank of China and Sinopec. The proposed refinery is anticipated to have a 70% capacity for refining petroleum products and a 30% capacity for producing chemical products.

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