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October 23, 2019
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Pakistan, Saudi Arabia finalizes agreement for Aramco oil refinery in Gwadar

KARACHI: Pakistan and Saudi Arabia have finalized the agreement for construction of the multi-billion dollar oil refinery by Saudi Aramco in the port city of Gwadar in Balochistan.

Arab News reported that agreement has been finalized which will be signed soon

Pakistan and Saudi Arabia have pledged to enhance bilateral strategic and trade engagements following a visit of Prime Minister Imran Khan to the kingdom. During the visit, Saudi Arabia announced $3 billion in financial assistance to help Pakistan avoid a balance of payment crisis, besides extending oil on credit facility.

Haroon Sharif, Minister of State and Chairman of Pakistan Board of Investment (BoI), told the newspapers that a 15-member delegation of Saudi Arabia visited Gwadar from Karachi as part of the finalization process of the MoU for Aramco oil refinery.

He said that the MoU was finalized for the construction of Aramco oil refinery.  The official said that overall directions have been agreed upon and the agreement will be signed at an ‘appropriate time’.

Pakistan is eying $15 billion investment from Saudi Arabia.

Earlier, the BoI chief had said that “We are going to sign MoUs with Saudi Aramco and Acwa Power within few weeks. Saudi Aramco is going to set up oil refinery and petrochemical complex in Pakistan while Acwa Power will invest in Pakistan renewable energy sector”, Sharif informed.