Four leading Pakistani state-owned oil companies signed a Memorandum of Understanding (MoU) on July 28, 2023 with Saudi Aramco to collaborate on a $10 billion greenfield refinery project at the Gwadar Port. The MoU was signed by the CEOs of the four Pakistani companies:

Syed Naveed Qamar, CEO of Oil and Gas Development Company Limited (OGDCL)

Nadeem Babar, CEO of Pakistan State Oil (PSO)

Mohammad Ali, CEO of Pakistan Petroleum Limited (PPL)

Khaqan Murtaza, CEO of Government Holdings Private Limited (GHPL)

The MoU was witnessed by Pakistan's Minister for State for Petroleum, Musadiq Malik, and Saudi Aramco's Vice President for Downstream, Ahmed Al-Khowaiter.

The $10 billion refinery will have a production capacity of 300,000 barrels per day and will be the largest refinery in Pakistan. It is expected to create over 10,000 jobs during construction and over 4,000 jobs once operational.

The refinery will be located in the Gwadar Free Zone, which is a special economic zone being developed by the Government of Pakistan in the Balochistan province. The Gwadar Free Zone is expected to attract investment in a number of sectors, including energy, manufacturing, and tourism.

The MoU between Pakistan's state-owned oil companies and Saudi Aramco is a significant development for the Pakistani economy. It is expected to boost the country's energy security and create jobs. The refinery is also expected to attract further investment in the Gwadar Free Zone, which could help to transform the Balochistan province into a hub for trade and commerce.