Karachi, February 26, 2024 – Pakistan State Oil (PSO) addressed recent reports concerning the establishment of the Greenfield Refinery Project on Monday, seeking to provide clarity on the situation.
In a communication to the Pakistan Stock Exchange (PSX), PSO outlined its current status and emphasized that, while discussions are underway, no material development has occurred to warrant an immediate update to the stock exchange.
The clarification comes in response to speculation and reports circulating in the media regarding the potential Greenfield Refinery Project. PSO acknowledged its active engagement in discussions related to the project under the supervision and guidance of the government of Pakistan. However, it stressed that, as of now, there is no significant development that necessitates disclosure to the PSX.
In a notable move, PSO highlighted that back on July 31, 2023, the company had officially informed the PSX about the signing of Memorandums of Understanding (MoUs) with various entities. These MoUs were related to cooperation and collaboration, forming the basis of a joint venture investment strategy for the establishment of the Greenfield Oil Refinery Project. The company reiterated that it would adhere to its commitment of promptly informing the PSX of any material developments concerning the project.
The Greenfield Refinery Project has been a subject of interest and scrutiny, given its potential impact on the energy sector and the national economy. PSO’s clarification serves to provide stakeholders, investors, and the general public with accurate and transparent information about the current status of the project.
The company’s statement reflects a commitment to maintaining open communication channels with regulatory bodies and the market. PSO’s proactive approach in addressing speculation and ensuring timely updates aligns with principles of corporate governance and transparency, key factors in fostering investor confidence.
While the clarification did not provide specific details about the ongoing discussions or the entities involved, it underscores the cautious approach taken by PSO in handling information related to significant projects. The energy sector, being a critical component of Pakistan’s economic landscape, is subject to close scrutiny, and any developments in refinery projects are of considerable interest to various stakeholders.
As the discussions progress and any substantial developments emerge, PSO has affirmed its commitment to keeping the market informed. Stakeholders will be keenly watching for updates, and the clarification issued by PSO serves as a reassurance of the company’s dedication to transparent and responsible communication.
