Riyadh Ask Islamabad to approach China's Sinopec for $10bn green Refinery project

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Riyadh Ask Islamabad to approach China's Sinopec for $10bn green Refinery project :

    Saudi Arabia has requested Pakistan to involve China's Sinopec in the $10 billion green refinery project, seeking the firm's participation in the engineering, procurement, and construction (EPC) contract. Pakistan State Oil is in contact with the Bank of China and Sinopec, as instructed by the Special Investment Facilitation Council (SIFC). The refinery, set to be established in Hub, Balochistan, will have an annual production capacity of 8 million tonnes of diesel and 6 million tonnes of gasoline, meeting stringent Euro 5 specifications. The equity-loan ratio for the project is planned at 30:70, with Saudi Aramco and Pakistan sharing the equity, while the majority of loans will be arranged by Saudi Aramco through international financial institutions. The refinery will have the authority to sell products meeting the Euro 5 specification to both domestic and international markets, subject to approval from relevant authorities.

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