Pakistan likely to make a big offer to Saudi Arabia

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

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

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

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

Economy