Pakistan has decided to expand its petroleum storage capacity, while a major investment from Saudi Arabia is expected to establish an oil refinery in Gwadar.
Sources in the Ministry of Petroleum indicate that Saudi Arabia is likely to invest around $10 billion in the Gwadar oil refinery project. The plan involves Saudi Aramco partnering with Pakistani companies to set up the refinery, with 60 percent investment expected from Saudi Arabia and 40 percent from local firms.
According to sources, the project includes participation from Pakistan State Oil (PSO), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited (GHPL). The proposed refinery is expected to have a production capacity of up to 400,000 barrels per day.