Ministry of Energy denies reports of Saudi Aramco backing out of refinery project

November 22, 2023 (MLN): The Ministry of Energy has refuted media reports suggesting that Pakistan’s $10 billion refinery project with Saudi Aramco is facing uncertainty, as per a post by the Ministry of Energy’s Petroleum Division on social media platform X (formerly Twitter) on Tuesday.

The Ministry termed the reports as ‘baseless’ and ‘contrary’ to facts.

It added that the government is in continuous consultation with the company on finalizing the scope of the project and bringing other potential investors to join.

Some news items reporting refinery project with ARAMCO is facing uncertainty are baseless & contrary to facts. GOP is in continous consultation with the company on finalizing scope of the project and bringing other potential investors to join.@GovtofPakistan @PTVNewsOfficial

— Petroleum Division, Ministry of Energy (@Official_PetDiv) November 21, 2023

This statement comes after recent media reports that suggested Saudi Aramco was not interested in investing in the refinery project.

To recall, in July 2023, Oil and Gas Development Company Limited (PSX: OGDC) and Pakistan State Oil (PSX: PSO) signed a Memorandum of Understanding (MOU) with Saudi Aramco, agreeing on a joint investment strategy for setting up a $10bn Greenfield refinery project.

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