Pakistan, China Likely to Sign MoU on Petrochemical Refinery Next Month
05.18.2024 By Tank Terminals - NEWS

May 18, 2024 [Geo News]- During Prime Minister Shehbaz Sharif’s visit to Beijing in June, the governments of China and Pakistan are expected to sign a memorandum of understanding (MoU) on the crude-to-petrochemical refinery project, reported The News on Friday.

 

A senior official of the Ministry of Energy apprised The News that Pakistan and China are likely to sign a MoU on the refinery project during PM Shehbaz’s visit.

“Pakistan State Oil, Sinopec, a Chinese company, and Saudi Aramco may agree to carry out the joint study to assess whether the crude-to-petrochemical refinery will be economical and beneficial for the said three stakeholders or not. The joint study’s results will pave the way for investment in the proposed project. Once the joint study is over, then the size and capacity of the project will be decided,” the official said.

The ministry officer said the national authorities were in contact with China’s Sinopec for the refinery project. Saudi Aramco is waiting for results of the joint study for a final decision for investment as it is inclined towards the petrochemical refinery instead of the green refinery.

“After that (study) Sinopec and Saudi Aramco will decide if they should be a part of petrochemical refinery or not,” the official said.

The Kingdom of Saudi Arabia also wants the engineering, procurement, and construction (EPC) contract to be awarded to Sinopec and to this effect, the Pakistan State Oil, nominated by the Pakistani government, is in touch with the Bank of China and Sinopec.

Sinopec is also providing services to Saudi Arabia on rigs, well-service, geophysical exploration, pipelines, roads and bridges and other EPC projects. Sinopec has been serving Aramco, SWCC, RC, and many Saudi local cities, and has earned a good reputation among clients, as well as Saudi people.

The under-consideration proposal is that a crude-petrochemical refinery be built with 70% capacity to refine petroleum products and 30% capacity to produce chemical products.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More