ISLAMABAD: Pakistan and Saudi Arabia held specialized- position addresses to finalise the parameters of a brand-new deep conversion refinery to be installed by the area, The News reported.
The design will be blazoned during the forthcoming visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan.
Prime Minister Shehbaz Sharif who visited Saudi Arabia last month — held consultations regarding the MoUs worth$ 21 billion, the refinery design and the petrochemical complex of$ 10 billion earlier inked in February 2019.
still, under the new script, the petrochemical complex is no further part of the design. Now the refinery will only be set up with the capacity to upgrade,000 to,000 barrels of crude oil painting per day, a elderly functionary who’s part of Abu Dhabi addresses told The News.
“Pakistan delegation is being headed by Musadik Masood Malik, Minister of State, and comprises clerk of petroleum, clerk of the board of investment, MD PSO, MD PARCO, and other sector officers of the Petroleum Division. The KSA is being represented by the Saudi energy minister and Saudi ARAMCO officers.”
“Both sides want to resolve all specialized issues and parameters of the mega design. Saudi Aramco would be the main shareholder of the refinery to be set up in the country and in addition, there will be more stakeholders in the refinery design.”
The government has formerly streamlined the refining policy draft for the new refinery with 16 profitability and 20- time duty vacation and six times of protection duty. still, the Pakistan delegation is in addresses with the KSA platoon with an open- concluded policy, the functionary said.
“In case, KSA asks for further impulses, also the Pakistan side would not vacillate in considering and accommodating them.” The functionary said that the new refinery will be suitable to export 35- 40 of Pakistan Oilfields Limited( POL) finished product and the rest will be used to feed to the country’s requirements.
Saudi Aramco, he said, has formerly carried out its feasibility and it set up that setting up a refinery in Gwadar isn’t doable. still, it’s doable if it’s installed either in Karachi or Hub( Balochistan), which is also near Karachi. The functionary said that China may also be a part of the said refinery.
The UAE government, the functionary said, is reluctant to set up its littoral refinery( PCR- 2) at mecca and the country wants the KSA to come up with a major investment in the new refinery of 350,000-400,000 BPD with further stakeholders in the design.
Pakistan delegation is also in addresses with Abu Dhabi National Oil Company( ADNOC) for feeding to the energy requirements of the country.