ISLAMABAD: In order to improve their petroleum storage capacities, Pakistan has planned to set up a giant oil refinery project in Gwadar and will seek an investment of around $10 billion from Saudi Arabia, informed sources in the Ministry of Petroleum told Dawn.
As per sources, the plan of developing this new oil refinery involves collaboration between Pakistani energy sector companies, and Saudi Arabia will make an investment of 60 percent in the oil refinery project, while local companies will have a 40 percent share in this project.
In this project, the participation of the following state-owned organizations will be essential: Pakistan State Oil, Oil and Gas Development Company Limited, Pakistan Petroleum Limited, and Government Holdings Private Limited.
This oil refinery will have a production capacity of up to 400,000 barrels per day, which will certainly improve Pakistan’s petroleum storage capacity by reducing imports.
Moreover, in order to attract investments, it is being considered that an import machinery tax holiday of 20 years may be offered.
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