Pakistan's four leading state-owned companies will collaborate with Saudi oil refinery company Amarco for the "Greenfield Refinery" project in the country's southwest Gwadar area, an official statement said here on Thursday.
The companies including Oil and Gas Development Company Limited (OGDCL), Pakistan State Oil, Pakistan Petroleum Limited, and Government Holdings Private Limited signed a Memorandum of Understanding (MoU) with Amarco in OGDCL's Islamabad office, the statement by the country's petroleum ministry 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 statement added.
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, said the statement.
Speaking at the signing ceremony, Pakistan's Minister of State for Petroleum Musadik Malik said the project will give benefits to the national economy by way of economic growth, foreign exchange savings, energy security, employment opportunities, and social uplift.