PSO plans $6b crude re­fin­ery

Pakistan Observer - - ECONOMY WATCH -

KARACHI—Pak­istan State Oil Co., the na­tion’s big­gest im­porter of pe­tro­leum prod­ucts, plans to build a re­fin­ery for as much as $6 bil­lion to ex­pand into pro­cess­ing crude. The na­tion’s big­gest com­pany by rev­enue is look­ing for part­ners to help build a plant to process 200,000 to 250,000 bar­rels a day of oil, Chief Ex­ec­u­tive Of­fi­cer Sheikh Im­ran ul Haque said in an in­ter­view in Karachi, mak­ing this the na­tion’s largest re­fin­ery. He didn’t elab­o­rate on how the com­pany will fi­nance the plant or give a time­line for the project as it is at an ini­tial stage.

Pak­istan State Oil would like to “re­verse the role,” and re­fine crude rather than im­port fuel, Haque said. “We are nowhere. We need to di­ver­sify.” The size of the re­fin­ery means Pak­istan State Oil will pro­duce about 12 mil­lion tons of fuel, sim­i­lar to the amount the na­tion im­ported in the year ended July 31, and will mark a dras­tic change in the com­pany’s busi­ness model. The plan will also help the coun­try, that’s try­ing to meet rev­enue tar­gets tied to an In­ter­na­tional Mon­e­tary Fund loan, save on for­eign ex­change. —Agen­cies

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