ISLAMABAD – The largest ever Oil Refinery worth approximately $8-10billions is all set to be launched in Pakistan’s Gwadar with the support ofSaudi Arabia.

Pakistan and Saudi Arabia have finalised the memorandum of understanding(MoU) for the construction of the multi-billion-dollar Saudi Aramco oilrefinery in Gwadar deep seaport city, officials said on Thursday.

Pakistan is expecting to sign a number of investment deals, including theconstruction of mega oil refinery, in the month of February in the presenceof a high-level Saudi delegation, confirmed Information Minister FawadChaudhry.

“The oil refinery project is the biggest investment project of Saudi Arabiain Pakistan,” he added.

Pakistan and Saudi Arabia have lately expressed renewed interest inenhancing bilateral strategic and trade engagements while KSA also pledged$3 billion in a financial assistant to help Pakistan out of its economicwoes.

“A 15-member delegation of Saudi Arabia visited Gwadar from Karachi as partof the finalization process of the MoU for Aramco oil refinery,” saidMinister of State and Board of Investment Chairman Haroon Sharif in aninterview with a foreign news agency.

“We have finalized the MoU for the construction of Aramco oil refinery,”Sharif said, adding that “overall directions have been agreed upon and theagreement will be signed at an ‘appropriate time’.”

Pakistani authorities expect $15 billion investment from Saudi Arabia afterPrime Minister Imran Khan chose KSA for his maiden visit and consequentlymade two official visits.