*ISLAMABAD: *Pakistan is likely to make a big offer to Saudi Arabia inreturn for deferred oil payments to settle down the crumbling economy.

Pakistan is likely to offer Riyadh stakes in Reko Diq mines in return foroil on deferred payment and cash assistance, setting the pitch for a newstrategic partnership with Saudi Arabia.

According to sources in the commerce ministry, Pakistan is open to SaudiArabian investment in Reko Diq gold and copper mines, and a memorandum ofunderstanding (MoU) could be signed during the five-day visit of a Saudidelegation to Islamabad, starting today (Sunday).

Saudi Arabia has also offered to set up a multi-billion-dollar oil refineryin Gwadar besides acquiring stakes in LNG-fired power plants in Punjab,according to an official of the commerce ministry.