Saudi investment package in Pakistan to cross $12 billion: Sources

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Saudi investment package in Pakistan to cross $12 billion: Sources

ISLAMABAD - The total investment of Saudi Arabia in Pakistan to cross $10 billion under the new discussed package.

Saudi Arabia to supply more than 100,000 barrels per day (BPD) on deferred payment and more than $12 billion investment, mostly in the petroleum sector.

Sources said Riyadh was expected to be allocated a large piece of land at Gwadar for setting up a 500,000 BPD refinery worth over $9bn besides an oil storage facility for 2-3 million tonnes as part of its plan to secure its export supplies. They said Pakistan promised 16 per cent return on investment in the oil refinery.

Saudi Arabia has around 8-10m BPD of oil exports and wanted to have a storage facility outside the strategic Strait of Hormuz as a back-up for secured supplies to the Eastern clientele.

The delegation led by Ahmad Hameed Al-Ghamdi, adviser of Saudi Arabia’s ministry of energy, industry and mineral resources, had sessions at the power and petroleum divisions and would be visiting Gwadar port and Reko Diq on Tuesday.