Saudi Arabia to set up $10 billion oil refinery in Pak

ISLAMABAD: Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deep-water port of Gwadar, thus becoming a partner in the China-pakistan Economic Corridor.

“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 minister Khalid al-falih told reporters in Gwadar on Saturday.

He said Crown Prince Mohammad bin Salman will visit Pakistan in February to sign the agreement, adding that Saudi Arabia would also invest in other sectors.

“With setting up of an oil refinery in Gwadar, Saudi Arabia will become an important partner in CPEC,” Pakistan petroleum minister Ghulam Sarwar Khan said.

Falih met the Pakistani petroleum minister and maritime affairs minister Ali Zaidi in Gwadar to discuss cooperation in refining, petrochemicals, mining and renewable energy.