PSO plans $6b crude refinery
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