Saudi Aramco Plans to Invest in New Oil Refinery at Pakistan’s Gwadar

The petroleum ministry of Pakistan has reportedly announced to that Saudi Arabia has granted an in-principle approval to invest in a new oil refinery in the Gwadar port. As per trusted sources, the state-owned Pakistan State Oil would team up with Saudi Aramco to set up the oil refinery.

Petroleum Minister of Pakistan, Ghulam Sarwar Khan reportedly stated that the details of the capacity and costs of the refinery would be worked out later following the finalization of the formal memorandum of understanding that has been approved by the nation's cabinet. A Saudi delegation had visited Gwadar port and expressed their interest to invest in the refinery after it was decided that project would be a government-to-government deal, Khan added.

Located in the southwestern province of Baluchistan, Gwadar is reportedly termed as the crown jewel of the USD 60 billion Belt and Road Initiative (BRI) projects of China in Pakistan. Reportedly, Pakistan had invited Saudi Arabia last month to invest in projects associated with the BRI's China Pakistan Economic Corridor (CPEC). Sources privy to the matter claim the Pakistani government had stated this week that China is its sole true partner.

Apparently, there have been apprehensions that the neighboring Iran may object to a project involving arch-rival Saudi Arabia on its doorstep and any refinery contract requires support from the Baluchistan provincial government. However, Iran's Ambassador Mehdi Honer Doost stated on Thursday that Iran welcomes investments by Saudi Arabia and other Muslim nations in Baluchistan and has no objections.

Increasing oil prices have soared the current account deficit of Pakistan and the nation now wants a new oil refinery to lower its USD 16 billion bill for foreign petroleum by importing cheaper crude oil. Reportedly, the investment offer from Saudi Arabia has come after Prime Minister Imran Khan made his foreign visit to Riyadh since taking office.


New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

EnergyOilOil&GasPowerBusinessindustry trends

More items from juikate

Shell Bags License To Trade Oil Products In China’s Wholesale Market

Royal Dutch Shell plc (Shell), a renowned European multinational oil & gas company, has reportedly been awarded a trading license by the Chinese government that allows it to independently trade its oil products in China's wholesale market. Reports cite, the license signifies the Chinese government ...

Jui Kate

Posted 1 year agoPress > OilgasBusiness +2

Iran Still Likely To Invest In Refinery Expansion, Says Indian Oil

India's largest oil and gas company Indian Oil Corporation Limited recently said that Iran could still invest in one of its subsidiaries for a refinery expansion project. Sanjiv Singh, chairman of Indian Oil stated that Iran has not ruled out its participation in the development at the Chennai Petr ...

Jui Kate

Posted 1 year agoPress > OilgasOil Refining +2

ContourGlobal sells 49% stake of its Spanish CSP assets for EUR 134M

ContourGlobal is reportedly selling 49 percent stake of company's 250 MW Concentrated Solar Power (CSP) plants in South-West Spain, which they bought from Acciona SA in early 2018. As per the agreement, ContourGlobal will sell 49 percent stake in the Concentrated Solar Power (CSP) Portfolio to Cred ...

Jui Kate

Posted 1 year agoPress > EnergySolar energyPower +1

Allete, Xcel Energy ink new 5-year contract for existing wind farms

Allete Clean Energy, a Minnesota-based independent power producer and supplier, has recently approved a new 5-year power sale agreement between its Viking wind farms in southern Minnesota and Xcel Energy, Inc., whose original 15-year PPAs will expire in December 2018. As per an official press rele ...

Jui Kate

Posted 1 year agoPress > EnergyPowerWind Energy +1

Australian businesses unite to urge government to abort energy policy

Some of the biggest energy & business groups in Australia have reportedly come together in an effort to urge the Australian government to forgo its Big Stick approach in the matter of energy legislation. Apparently, the businesses are warning the government that the divestiture powers it craves wo ...

Jui Kate

Posted 1 year agoPress > EnergyIndustryPower +1
All posts from juikate