ISLAMABAD: Pakistan has decided to significantly increase its petroleum storage capacity.
According to sources in the Ministry of Petroleum, Saudi Arabia is expected to invest $10 billion in establishing a major oil refinery in Gwadar.
Saudi Aramco will set up the refinery in partnership with Pakistani companies.
The investment will be split with 60% from Saudi Arabia and 40% from Pakistani firms, including PSO, OGDCL, PPL, and GHPL.
The proposed refinery will have a production capacity of up to 400,000 barrels per day.
The government is also considering a 20-year tax exemption on imported machinery for the project.
