Monday, July 22, 2024
No menu items!
HomeBusinessProgress on Saudi Aramco oil refinery project within two months

Progress on Saudi Aramco oil refinery project within two months

Rate this post

Pakistan and Saudi Arabia appear to be continuing to work on the Aramco oil refinery project, which was part of several investment agreements signed in 2019. Despite these agreements, however, there has been little progress on the project over the last four years.

According to Pakistani Energy Minister Muhammad Ali, they are actively engaged with Saudi authorities and anticipate seeing advancement within the next one to two months. He mentioned that the project’s delay is due to its significant scale, involving a substantial investment of $8-10 billion. Various aspects, such as funding, structuring, and policy frameworks, need careful consideration.

Read More: Egyptian Fintech Leader MNT Halan Acquires Advans Pakistan Microfinance Bank

There were initial plans for the refinery to be constructed at the Gwadar Port in Balochistan. Still, there are now reports suggesting that the project might be located in the Hub district near Karachi instead. Minister Ali mentioned that the final decision regarding the project’s location rests with Aramco.

This project aims to establish an integrated refinery capable of processing up to 450,000 barrels of crude oil per day in Pakistan.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular