Pakistan State Oil (PSO) has reached out to a major Chinese energy company, Sinopec, to team up with Saudi Arabia’s Aramco for constructing a modern refinery and petrochemical complex in Pakistan. This project could become part of the China-Pakistan Economic Corridor (CPEC).
In a letter penned by PSO’s CEO, Syed Muhammad Taha, to Sinopec’s President, an invitation was extended to join forces for this endeavor.
Taha explained that the goal is to establish a refinery capable of processing more than 300,000 barrels of oil per day, producing a variety of petroleum products. To sweeten the deal, the Pakistani government is offering incentives such as tax breaks and exemptions from import duties.
Taha emphasized Pakistan’s growing energy demands and thriving economy, suggesting that this presents a favorable opportunity for Sinopec to invest. He also highlighted Sinopec’s expertise and strong financial standing, making them an ideal partner for the project.
Additionally, the government is contemplating crafting new policies to attract investment from Aramco for another project related to crude oil processing, potentially involving Sinopec in this venture as well.
