Pakistan and Saudi Arabia are likely to sign memoranda of understanding for more than $10 billion Saudi investment to set up an oil refinery in Gwadar, Paklistan, as the energy and power chief of Saudi Arabia is expected to arrive in Gwadar, Balochistan, on Saturday (Jan 12), sources said. In addition to this, Saudi Arabia will also be invited to make investments in Balochistan’s Reko Diq Mine project that deals in gold and copper.
Earlier Saudi Energy Minister Khalid al-Falih said that kingdom would cut its exports to 7.2 million bpd in January, down from 8.0 million bpd in November. He also announced a further 100,000 bpd cut in February. “We are serious about restoring balance to the market,” Falih told a press conference in Riyadh. “We are concerned about volatility in the oil market,” he said. “We have seen peaks and drops in prices (that are) completely unjustified by the fundamentals.”
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19 January, 2019