At least four leading Pakistani state-owned companies would join hands for a greenfield refinery project at the Gwadar Port in Balochistan, PTV News reported.

The memorandum of understanding signing ceremony took place at the head office of Oil and Gas Development Company Limited (OGDCL) on Thursday.

The Pakistani state-owned entities, OGDCL, Pakistan State Oil, Pakistan Petroleum Limited, and Government Holdings Private Limited, would collaborate through a joint investment strategy.

“The project will have significant foreign investment from world-class oil and gas giants through equity participation,” reported the state broadcaster, “the project envisions setting up an integrated refinery petrochemical complex with crude oil processing capacity of a minimum 300,000 BPD along with a petrochemical facility in Pakistan.”

The integrated refinery petrochemical complex shall comprise various components such as marine infrastructure, petrochemical complex, storages for crude oil and refines utilities, pipeline connectivity etc.

Petroleum Secretary Captain (retd) Muhammad Mahmood shared salient aspects of the greenfield refinery policy and underscored the commitment of the Petroleum Divison towards the development and growth of the Petroleum Sector.

State Minister for Petroleum Musadik Malik shared details of the project and its benefits to national economy by way of economic growth, foreign exchange savings, energy security, employment opportunities and social upliftment.