Islamabad (TDI): Pakistan is likely to discuss investment for two major oil refinery projects worth $11.7 billion with Saudi Arabia during its delegation visit later this week.
As per reports, Pakistan State Oil (PSO) and Pakistan Refinery Limited (PRL) are willing to secure funding for a $10 billion Greenfield Refinery and a $1.7 billion Brownfield Refinery Upgrade with Saudi investors.
The projects will be discussed in detail when a Saudi delegation visits Islamabad from October 9 to 11.
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The Greenfield Refinery Project needs a major upgrade where Saudi Aramco and Sinopec are key players.
Last year, a policy was approved offering a 7.5% deemed duty for 25 years, and a 20-year tax holiday.
PSO has approved $3 million for a market study on a $10 billion green refinery or petrochemical complex. The results are expected by December this year.
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PRL’s Refinery Expansion and Upgrade Project (REUP) will double its capacity to 100,000 barrels per day. PRL is seeking Chinese investments and plans to approach Saudi investors during their visit.
Both projects require substantial foreign funding. Pakistan is actively engaging investors to secure these funds.
