|Date: April 11, 2013|
|Pakistan State Oil to set up refinery in Khyber Pakhtunkhwa|
As part of the new vision of Pakistan State Oil (PSO) to make the leading public sector company an integrated energy company and with the determination to secure Pakistan’s energy supply chain, PSO has signed a Memorandum of Understanding (MoU) with the Government of Khyber Pakhtunkhwa (GoKP) for the establishment of a state-of-the-art oil refinery in the province.
Establishment of this refinery will help improve the overall availability of POL products across the country as well as result in sizeable foreign exchange savings for the nation. It shall also increase PSO’s operational base through diversification in the midstream segment and lower distribution cost in the related supply envelopes. In addition to these benefits, this refinery will also help create job opportunities for the local populace as well as professionals from various technical backgrounds. It is also expected that substantial foreign direct investment will also take place as a result of this project.
Both the dignitaries were of the opinion that this proposed project will serve as the foundation for future initiatives and suggested to continue efforts to do more for the future progress and prosperity of Pakistan. Also speaking after the event, Mr. Naeem Y. Mir said, “By establishing this refinery, PSO has taken yet another step on the road to developing a self-reliant energy supply chain for the country. The Company is already working on a number of other projects which coupled with this refinery will help meet Pakistan’s energy needs in the years to come.”
PSO in its role of being both a public sector as well as the largest energy company in Pakistan today is committed to meeting all the fuel needs of the country in a timely and responsible manner.