Pak­istan, S.ara­bia to sign $10b re­fin­ery deal

The Gulf Today - Business - - FRONT PAGE - BY TARIQ BUTT

IS­LAM­ABAD: Saudi Ara­bia’s Min­is­ter for Pe­tro­leum and En­ergy Khalid Bin Ab­dul Aziz has said that the crown prince would visit Is­lam­abad in Fe­bru­ary to sign an agree­ment with Pak­istan on set­ting up an oil re­fin­ery in Gwadar at a cost of $10 bil­lion.

The Saudi min­is­ter said this af­ter ar­riv­ing in Gwadar along with a del­e­ga­tion to in­spect the site for the pro­posed oil re­fin­ery in Gwadar, the ul­ti­mate desti­na­tion of the China-pak­istan Eco­nomic Cor­ri­dor (CPEC). The del­e­ga­tion in­cluded Chief Ex­ec­u­tive Of­fi­cer of Aramco As­so­ci­ated Com­pany Al Buainain Ibrahim Qas­sim.

Fed­eral Min­is­ter for Pe­tro­leum Ghu­lam Sar­war Khan, Fed­eral Min­is­ter for Ma­rine Af­fairs Ali Zaidi and Balochis­tan In­for­ma­tion Min­is­ter Mir Za­hoor Ahmed Buledi re­ceived the Saudi del­e­ga­tion at Gwadar air­port.

Later the Saudi del­e­ga­tion at­tended a meet­ing in which the oil re­fin­ery project and other is­sues were dis­cussed.

The Saudi min­is­ter said that his coun­try wanted to con­trib­ute to Pak­istan’s eco­nomic devel­op­ment through es­tab­lish­ing an oil re­fin­ery and part­ner­ship in the CPEC. He said that Saudi Ara­bia was also in­ter­ested in in­vest­ing in other sec­tors.

Re­fer­ring to the pro­posed oil re­fin­ery, Khalid Bin Ab­dul Aziz said that it would prove to be a land­mark devel­op­ment for the en­tire re­gion as a cen­tre point for changes in pur­chase, im­port and ex­port of oil.

He said that the Saudi gov­ern­ment would com­plete in­stal­la­tion of the oil re­fin­ery in min­i­mum time.

The Saudi min­is­ter said that Pak­istan and his coun­try en­joyed cor­dial eco­nomic, social and deep­rooted friendly re­la­tions since a long time. Saudi Ara­bia had al­ways pro­vided fi­nan­cial and eco­nomic help to Pak­istan and would con­tinue to do so in fu­ture. He said that he was vis­it­ing Gwadar on the in­struc­tion of the Saudi king.

Ghu­lam Sar­war Khan wel­comed the Saudi del­e­ga­tion and ap­pre­ci­ated the ef­forts Saudi Ara­bia was mak­ing to con­trib­ute to eco­nomic devel­op­ment of Pak­istan. He termed the Saudi del­e­ga­tion’s visit to Gwadar a sig­nif­i­cant event.

The pe­tro­leum min­is­ter said that the fed­eral cab­i­net had al­ready ap­proved the Saudi gov­ern­ment’s plan for es­tab­lish­ing an oil re­fin­ery in Gwadar. With the set­ting up of the oil re­fin­ery, Saudi Arab would be­come an im­por­tant part­ner in the CPEC, he added.

Mean­while, Dr. Khalid bin Saleh Al Sultan, Pres­i­dent of the King Ab­dul­lah Atomic and Re­new­able En­ergy City, stated that there are plans to in­te­grate the re­new­able en­ergy net­work of Saudi Ara­bia, which aims to pro­duce 60 gi­gawatts of re­new­able en­ergy, in­clud­ing 40 gi­gawatts from so­lar en­ergy and 20 from wind and other sources by 2030.

An oil stor­age fa­cil­ity at the Gwadar Port in Pak­istan.

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