Islamabad: Ministry of Energy has denied media reports suggesting that Pakistan's multi-billion dollar refinery project with Saudi Aramco is facing uncertainty, terming reports as 'baseless and contrary to facts'.

"Some news items reporting refinery project with Saudi Aramco is facing uncertainty are baseless and contrary to facts," said Ministry of Energy's Petroleum Division in post on social media platform X.

Post said government remains in continuous consultation with Saudi energy giant on finalising scope of project and bringing other potential investors to join.

Saudi Aramco on Tuesday reported 23 percent fall in third-quarter net profit on back of lower oil prices and volumes sold, marginally beating analyst estimates and helping underpin its shares.

Net profit fell to $ 32.6 billion for quarter to September 30, above $ 31.8 billion expected by 12 analysts in company-provided forecast. Saudi oil producer said lower oil prices and volumes were partially offset by reduction in production royalties, which are linked to Brent prices.

Rebuttal comes after media reports said that Saudi Aramco, global energy giant is not interested in investing in refinery project. Back in July, leading Pakistani state-owned companies signed Memorandum of Understanding with Saudi Aramco for establishment of $ 10-billion Greenfield refinery project at Gwadar Port.

Under MoU, Pakistani state-owned entities, OGDCL, Pakistan State Oil, Pakistan Petroleum Limited and Government Holdings Private Limited will collaborate through joint investment strategy.

Project will have significant foreign investment from oil and gas giants through equity participation, government said.

Published in The Daily National Courier, November, 22 2023

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