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