Riyadh asks Islamabad to approach China’s Sinopec for $10bn green refinery project

ISLAMABAD: Saudi Arabia has asked Islamabad to approach China’s Sinopec and make it a part of the $10 billion green refinery that is to be established in Pakistan, reported The News on Sunday. “We have announced and notified the new green refinery policy with incentives of 7.5% deemed duty for 25 years and a tax holiday of 20 years as per wishes of Saudi Arabia, but the required pace of progress needs some stimulation,” said sources. Riyadh also wants the engineering, procurement, and construction (EPC) contract to be given to Sinopec. As per the request Pakistan State Oil, nominated by the Pakistani government, is in touch with the Bank of China and Sinopec. Sinopec is also providing services to Saudi…