Pakistan State Oil (PSO) is reportedly engaged in high-level discussions with the Bank of China and Sinopec for a groundbreaking investment partnership exceeding $10 billion. Well-informed sources have revealed that the collaboration could potentially lead to the establishment of a significant oil refinery or petrochemical facility within Pakistan’s borders.
According to insiders, Secretary Petroleum recently updated the Executive Committee of the Special Investment Facilitation Council (SIFC) on the progress of negotiations between PSO and representatives from the Bank of China and Sinopec. These talks, seen as a crucial step toward energy sector expansion and international cooperation, are expected to take further strides during an imminent visit to China by Pakistan’s caretaker Prime Minister, Anwar-ul-Haq Kakar.
The SIFC has been actively involved in facilitating these discussions and has issued directives to key government officials to expedite various energy-related initiatives. Notably, the council has urged the Secretary of Petroleum, Secretary of Finance, Secretary of Law and Justice, Chairman of FBR, and Chairman of OGRA to finalize the Host Government Agreement (HGA) for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project, ensuring adherence to established timelines and achieving consensus on outstanding matters.
Furthermore, the Secretary of Foreign Affairs, Secretary of Petroleum, and Secretary of Planning have been tasked with addressing the Pakstream gas pipeline project within a dedicated working group, with updates to be presented to the Executive Committee of SIFC.
In a significant development aimed at boosting the country’s energy supply, OGRA has taken the lead in formulating a comprehensive plan for the provision of virtual Liquefied Natural Gas (LNG) in partnership with the Petroleum Division. This includes streamlining the codal formalities necessary for the issuance of No Objection Certificates (NOCs), a critical step in enhancing Pakistan’s energy infrastructure.
Meanwhile, the Minister for Maritime Affairs, Secretary Petroleum, and Chairman OGRA have received explicit instructions to devise an Action Plan designed to maximize the utilization of existing LNG terminals. This effort is intended to increase LNG imports and ensure a stable energy supply well before the onset of winter in 2023.
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