Saudi Arabia to build Pakistan’s largest oil refinery at $10 billion

Four Pakistani state-owned petroleum companies have signed a memorandum of understanding (MoU) with Saudi Arabia to build Pakistan’s largest oil refinery with an investment of $10 billion in the strategic Gwadar Port, according to a media reports.

The MoU to set up the facility with a production capacity of 300,000 barrels per day was signed on Thursday with four state-owned enterprises (SOEs), namely Oil and Gas Development Company (OGDCL), Pakistan State Oil (PSO), Pakistan Petroleum (PPL), and Government Holdings Private (GHPL), the Dawn newspaper reported.