Saudi Arabia to ink five important MoUs with Pakistan: Sources

Saudi Arabia to ink five important MoUs with Pakistan: Sources

*ISLAMABAD: A Saudi delegation and Pakistan held talks on Monday to discuss the level of cooperation in the energy sector.*

The two sides contemplated on the investments required for the projects related to the production and distribution of energy. The meeting was held after the arrival of Saudi Minister of Energy and Natural Resources Ahmed Hamid to Pakistan.

The Pakistani side was led by Minister of Energy Omar Ayub Khan and Chairman of Board of Investment, whereas the Saudi side was presented by Adviser to Ministry of Energy and ambassador of Saudi Arabia.

The Pakistan’s Minister of Energy warmly welcomed the Saudi officials on their visit to Pakistan.

During its visit, the Saudi delegation will also hold talks on promotion of bilateral ties and economic and trade cooperation.

The visit has been in line with the previous announcement by the government pertaining to Islamabad’s invitation to Riyadh for making investments in China-Pakistan Economic Corridor (CPEC) as well as other infrastructure projects countrywide.

The delegation is expected to sign five important Memorandums of Understanding (MoUs) with the government and prospect of setting up oil refineries in Gwadar will come under discussion as well, as per the sources.

During its six-day visit to Pakistan, the delegation will also sign an MoU to make investments in the Balochistan Reko Diq gold and copper mines, the sources further informed that agreements to privatise two Liquefied Natural Gas (LNG) power plants and sale of phosphate-containing fertilisers to Pakistan are also expected to be signed.