In order to collaborate with Saudi Arabia’s Aramco on the development of a state-of-the-art refinery and petrochemical complex in Pakistan, Pakistan State Oil (PSO) has sent an invitation to Sinopec, a significant Chinese energy giant. It is possible that this project may be included in the China-Pakistan Economic Corridor (CPEC).
The President of Sinopec received a letter from PSO’s CEO, Syed Muhammad Taha, inviting them to collaborate on this project.
According to Taha, the objective is to build a refinery that can process over 300,000 barrels of oil per day and produce a range of petroleum products. The Pakistani government is providing incentives like tax rebates and exemptions from import taxes to sweeten the deal.
Taha highlighted the expanding economy and rising energy needs of Pakistan, implying that Sinopec would find this to be a good place to invest. He also emphasized Sinopec’s experience and solid financial position, which made them the project’s perfect partner.
The government is also thinking about developing new regulations to entice Aramco to participate in a different crude oil processing project, which might also involve Sinopec.
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