Pak­istan, KSA to sign $15bn Gwadar oil re­fin­ery deal

The Financial Daily - - CONTINUATIONS -

RIYADH: Pak­istan and Saudi Ara­bia will sign a Mem­o­ran­dum of Un­der­stand­ing (MoU) in Fe­bru­ary for the con­struc­tion of a "multi-bil­lion dol­lar Saudi Aramco oil re­fin­ery" in Gwadar, Arab News re­ported.

In­for­ma­tion Min­is­ter Fawad Chaudhry told the Arab daily that Pak­istan is likely to sign a num­ber of in­vest­ment deals, in­clud­ing the con­struc­tion of mega oil re­fin­ery, in Fe­bru­ary in the pres­ence of a Saudi del­e­ga­tion. "The oil re­fin­ery pro­ject is the big­gest in­vest­ment pro­ject of Saudi Ara­bia in Pak­istan," he added.

Ha­roon Sharif, the chair­per­son of the Pak­istan Board of In­vest­ment, said that a 15mem­ber del­e­ga­tion of Saudi Ara­bia vis­ited Gwadar to fi­nalise the MoU for Aramco oil re­fin­ery. "We have fi­nalised the MoU for the con­struc­tion of Aramco oil re­fin- ery," he said, adding that "over­all di­rec­tions have been agreed upon and the agree­ment will be signed at an 'ap­pro­pri­ate time'."

Sharif said that he is ex­pect­ing around $15 bil­lion in­vest­ment from Saudi Ara­bia in the next three years. "The in­flow of in­vest­ment for oil re­fin­ery and petro­chem­i­cal com­plex in Pak­istan is es­ti­mated to be be­tween $6 bil­lion to $10 bil­lion." - NNI

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