The federal minister for petroleum Ghulam Sarwar Khan revealed that Saudi Arabia is planning to invest $10 billion in Gwadar. According to the federal minister, Saudi Arabia will establish an oil refinery and petro-chemical complex in Gwadar.
“Saudi Arabia will set up an oil plant that will refine over 2-3 (0.2 to 0.3 million) tonnes lac oil per day,” he said and added that construction process of the oil refinery is expected to begin this year and will be completed in PTI government tenure.
He further said that Saudi Arabia has also shown interest in phosphate fertilizer making factory and alternate energy projects, while Saudi Oil Minister also expressed desire to export LNG to Pakistan.
The Saudi energy minister confirmed the news of investment and said that his country plans to set up a $10 billion oil refinery in Pakistan’s deep-water port of Gwadar, which is being developed with the help of China.
“Saudi Arabia wants to make Pakistan’s economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor,” Saudi Energy Khalid al-Falih had told reporters in Gwadar.
He said Crown Prince Mohammad bin Salman would visit Pakistan in February to sign the agreement. The minister added that Saudi Arabia would also invest in other sectors.
The Beijing has pledged $60 billion as part of the CPEC that involves building power stations, major highways, new and upgraded railways and higher capacity ports, to help turn Pakistan into a major overland route linking western China to the world.
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17 November, 2019