Pakistan to Discuss $11.7 Billion Refinery Projects With Saudi Investors This Week

Pakistan will push forward two major refinery projects during the Saudi delegation’s visit from October 9-11. Pakistan State Oil (PSO) and Pakistan Refinery Limited (PRL) aim to secure Saudi investments for a $10 billion Greenfield Refinery and the $1.7 billion Brownfield Refinery Upgrade, reported a national daily. The Greenfield Refinery Project needs a big money move, particularly from Saudi Aramco and Sinopec, following the approval of a policy last year offering a 7.5 percent deemed duty for 25 years and a 20-year tax holiday. PSO recently approved $3 million for a market study on a $10 billion green refinery or petrochemical complex, with results expected by December this year. PRL’s Refinery Expansion and Upgrade Project (REUP) will double its capacity to 100,000 barrels per day. Besides Chinese investments, PRL plans to seek additional funding from Saudi investors during the visit. Both projects require substantial foreign investment to move forward, and Pakistan is actively engaging investors to secure these funds.